CXSE - China cuts one-year loan prime rates to record low of 3.45% leaves 5-year rate unchanged
2023-08-21 00:59:22 ET
-
China lowered its one-year loan prime rate by 10 basis points from 3.55% to 3.45% to a record low, the People's Bank of China said in a statement.
-
The central bank chose to keep the five-year LPR unchanged at 4.2%.
-
The decision came in an effort to find a balance between supporting the struggling Chinese economy and halting further yuan depreciation, the central bank unexpectedly cut both short-term loan rates and the medium-term policy rate last week .
-
In a separate news, Chinese real estate company Country Garden Holdings is set to be removed from Hong Kong’s Hang Seng Index.
-
ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).
-
More on China economy:
-
China's industrial production, retail sales grows less than expected in July
-
China's CPI falls for first time in over two years; PPI drops more than expected
-
China trade surplus narrows sharply in July as exports, imports both posted double-digit decline
-
China service sector growth of 54.1 in July beats forecasts; composite PMI drops to 6-month low
For further details see:
China cuts one-year loan prime rates to record low of 3.45%, leaves 5-year rate unchanged