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ICYMI – China’s benchmark lending rates remained stable: 1-year LPR at 3.45%, 5-year LPR at 3.95%

This may have gotten lost in the mix:

  • China sets 1- and 5-year LPR rates unchanged, as expected
  • The prime rate for one-year loans remained unchanged at 3.45%
  • the five-year rate remained unchanged at 3.95%

Just as expected.

Some believe, rightly, that the People’s Bank of China is likely to further ease its monetary policy.

  • Chinese banks will need more cash to buy government bonds, including the issuance of special ultra-long-term Treasury bonds that began last Friday – these bonds raise cash for government development purposes. economy (stimulus).

On Friday, we had a rate cut from the PBoC:

  • People’s Bank of China to cut interest rates on housing loans by 25 basis points
  • aimed at addressing the prolonged slowdown in China’s real estate sector

Other efforts will involve local governments buying up unsold homes, reducing down payments for potential buyers and removing the floor on mortgage rates that banks offer their customers.

This article was written by Eamonn Sheridan at www.forexlive.com.

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