China announced a second cut to its benchmark lending rate this year to prop up its economy
The one-year loan prime rate CNYLPR1Y=CFXS was lowered by 20 basis points to 3.85% from 4.05% previously, while the five-year LPR CNYLPR5Y=CFXS was cut by 10 bps to 4.65% from 4.75%.
“The asymmetric cut suggests that the authorities will stick to the tight housing policy. It will not be deemed as a tool to stimulate domestic demand, even at this difficult time,” said Xing Zhaopeng, markets economist at ANZ in Shanghai. Jacqueline Rong, senior China economist at BNP Paribas in Beijing, said the marginal cuts to the 5-year LPR could be interpreted as “counter-cyclical relaxation” in the housing sector.
Global central banks have rolled out unprecedented stimulus measures in recent weeks to mitigate the economic fallout from pandemic locksdowns and to keep cash-starved companies and consumers afloat.
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