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China Repo Rates Rise on Tuesday

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The PBOC will continue to build a long-term system managing the real estate industry through stabilizing the prices of land, houses and market expectation, according to a report on the central bank's WeChat account. Loans to property companies and consumer mortgage lending have steadily declined after the authorities pressured banks to reduce the concentration of real estate-related business and direct the funds to support small businesses, manufacturing and innovation, the report read citing PBOC's direct of financial markets Zou Lan. Real estate lending slowed by 2.2 pp at the end of June from a year ago, according to the report.