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- The People’s Bank of China kept its one- and five-year loan prime rates unchanged at 3.45% and 3.85%, respectively, at its August fixing as widely expected.
- Both rates stay at record lows following unexpected rate reductions in July.
- Tuesday’s move also reflected a balancing act by China after Governor Pan Gongsheng recently said that authorities would avoid any “drastic” measures for the economy.
- The Shanghai Composite fell 0.8% to around 2,870 on Tuesday, reversing gains from the previous session as investors reacted to the latest central bank decision.
- ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE).
- Currency: (CNY:USD)
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More on China
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China’s retail sales rise more than expected in July, industrial production misses forecast
- PBOC unexpectedly cuts LPR rates and short-term policy rates to bolster economic recovery
- China’s Q2 GDP growth slows to 4.7% below estimates amid property downturn, weak domestic demand
- China’s consumer inflation rate softens in June amid weak domestic demand; PPI falls by 0.8%
