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Reading: PBOC unexpectedly cuts LPR rates and short-term policy rates to bolster economic recovery
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News Junction > Blog > Business > PBOC unexpectedly cuts LPR rates and short-term policy rates to bolster economic recovery
PBOC unexpectedly cuts LPR rates and short-term policy rates to bolster economic recovery
Business

PBOC unexpectedly cuts LPR rates and short-term policy rates to bolster economic recovery

Published July 22, 2024
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In an unexpected move, the People’s Bank of China (PBOC) cut its one-year and five-year loan prime rates to record lows of 3.35% and 3.85%, respectively, during July’s fixing to bolster the fragile economic recovery.

The 1-year loan prime rate (LPR), the benchmark for most corporate and household loans, was reduced by 10 basis points to 3.35%, while the 5-year rate, a reference for property mortgages, was trimmed by 10 basis points to 3.85%.

Moreover, the central bank initiated a CNY 58.2 billion reverse repurchase operation and lowered the seven-day reverse repo rate by 10 basis points to 1.7% from 1.8%, the first such cut in near a year.

The move aims to optimize the open market operation mechanism and increase financial support for the economy, the PBOC said in a statement Monday.

All of China’s rate moves today followed last week’s Third Plenum meeting and weak Q2 GDP readings and mixed activity data in June.

The Shanghai Composite fell 1.0% to 2,953 on Monday, as traders reacted to the latest decision by the People’s Bank of China.

ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE).

Currency: (CNY:USD)

More on China

#PBOC #unexpectedly #cuts #LPR #rates #shortterm #policy #rates #bolster #economic #recovery

TAGGED:BolstercutsEconomicLPRPBOCpolicyratesRecoveryShortTermunexpectedly
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