U.S. Markets Set to Open Lower, China Cuts Reserve Requirement

China's central bank on Monday cut the reserve-ratio requirement for banks by 0.5 percentage points, according to media reports.
Author:
Publish date:

China's central bank on Monday cut the reserve-ratio requirement for banks by 0.5 percentage points, according to media reports. The ratio refers to the amount of cash China's lenders must keep as reserves. The move is designed to help boost lending, and thereby, the nation's economy. Oil is starting the week lower but gold is the best performing asset so far in 2016. Berkshire Hathaway (BRK.A) CEO Warren Buffett is optimistic about the U.S. economy. In his annual letter to shareholders released over the weekend, Buffett reaffirmed his confidence in the nation's economy. He took exception to politicians who bemoan the state of the U.S. economy, saying babies born in American today are the 'luckiest crop in history.' Valeant Pharmaceuticals (VRX) CEO Michael Pearson will return to leading the company immediately. He had been hospitalized with pneumonia.