SHANGHAI/SINGAPORE (Reuters) -China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSHANGHAI/SINGAPORE -China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, but surprised markets by keeping the five-year rate unchanged amid broader concerns about a rapidly weakening currency.
The one-year loan prime rate was lowered by 10 basis points to 3.45% from 3.55% previously, while the five-year LPR was left at 4.20%. The onshore yuan eased in early trade to 7.3078 per dollar, compared with the previous close of 7.2855, while benchmark Shanghai Composite index and the blue-chip CSI 300 index also declined.
The medium-term lending facility rate serves as a guide to the LPR and is widely read by markets as a precursor to future changes to the lending benchmarks. "We interpret the status quo of five-year LPR was a signal that the Chinese banks are reluctant to cut rates at the expense of rate differential margin," said Ken Cheung, chief Asian FX strategist at Mizuho Bank.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taiwan details China drills, VP says election not China's to callBy Ben Blanchard TAIPEI (Reuters) -Taiwan's election next year is a choice between democracy and autocracy, Vice President William Lai said in comments ...
Read more »
China cuts 1-year lending benchmark but keeps 5-year unchangedSHANGHAI (Reuters) - China cut its one-year benchmark lending rate on Monday, as expected, as authorities seek to ramp up efforts to stimulate credit ...
Read more »
Asia stutters as China doles out meagre rate cutBy Wayne Cole SYDNEY (Reuters) - Asian markets stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, ...
Read more »
Japan PM Kishida to meet with fishermen's group on Monday afternoonTOKYO (Reuters) - Japanese Prime Minister Fumio Kishida is set to meet with the head of a fishermen's group on Monday afternoon, a day after he visited ...
Read more »
Japan PM Kishida to meet with fishermen's group on Monday afternoonTOKYO (Reuters) - Japanese Prime Minister Fumio Kishida is set to meet with the head of a fishermen's group on Monday afternoon, a day after he visited ...
Read more »
Turk Cypriots say road project disputed by UN is 'essential'NICOSIA (Reuters) - Turkish Cypriot leader Ersin Tatar on Saturday described as
Read more »