MNI BRIEF: China House Price Declines Narrow In January
MNI (BEIJING) - New commercial residential sales prices in first-tier cities fell by 3.4% year-on-year in January, narrowing from December’s 3.8% y/y decline, data from the National Bureau of Statistics showed on Wednesday.
Second-tier cities’ new commercial residential sales prices fell 5.0% year-on-year, 0.4 percentage points narrower fall than the previous month.
Secondary market sales prices in first-tier and second-tier cities fell by 5.6% and 7.6% year-on-year, 1.1 pp and 0.3 pp narrower than December.
China's Loan Prime Rate is likely to remain unchanged in February as low inflation diminishes the effectiveness of traditional policy easing methods and lending stagnates, while ensuring the yuan's stability will also restrain the central bank. (See MNI PBOC WATCH: China Feb LPR To Remain Stable)