China cut its lending benchmarks on Tuesday in the first such easing in 10 months, as authorities seek to shore up a slowing recovery in the world’s second-largest economy, with more stimulus expected. | Reuters
A Reuters poll of 32 market participants showed all respondents expected reductions to both rates.
The medium-term lending facility rate serves as a guide to the LPR and markets mostly see the medium-term rate as a precursor to any changes to the lending benchmarks.“These cuts will lower the cost of new loans, as well as interest payments on existing loans,” said Julian Evans-Pritchard, head of China economics at Capital Economics.
China’s cabinet met on Friday to discuss measures to spur growth in the economy and pledged more policy support.“More policy measures may be rolled out separately, including but not limited to a 25 basis point cumulative cut to the LPR by the year-end, and property-easing measures to cut payment ratios or mortgage rates, as well as some form of consumption support,” analysts at BofA global research said in a note.
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