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MNI STATE OF PLAY:PBOC 5-Year LPR Cut To Boost Property Demand

MNI (Singapore)
SINGAPORE (MNI)

New housing loans are expected to jump in some cities.

True

The People’s Bank of China cut its long-term lending reference rate at an unexpected-pace, sending a clear signal to boost a soft property market, which is a key driving force to reach the growth target this year.

The Loan Prime Rate, guiding lenders’ actual loan interest rates, was lowered by 15bps to 4.45% for the five-year maturity, the second cut this year after a 5bps reduction in January, but the central bank kept the one-year LPR unchanged at 3.7% this month. See: MNI STATE OF PLAY: Still A Chance For PBOC To Cut The LPR.

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The People’s Bank of China cut its long-term lending reference rate at an unexpected-pace, sending a clear signal to boost a soft property market, which is a key driving force to reach the growth target this year.

The Loan Prime Rate, guiding lenders’ actual loan interest rates, was lowered by 15bps to 4.45% for the five-year maturity, the second cut this year after a 5bps reduction in January, but the central bank kept the one-year LPR unchanged at 3.7% this month. See: MNI STATE OF PLAY: Still A Chance For PBOC To Cut The LPR.

Keep reading...Show less