SHANGHAI/SINGAPORE :China's central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, in a bid to restore market confidence and prop up a stalling post-pandemic recovery in the world's second-largest economy.The cut to the lending rate signals possible easing for longer-term r
SHANGHAI/SINGAPORE :China's central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, in a bid to restore market confidence and prop up a stalling post-pandemic recovery in the world's second-largest economy.
"The central bank's rate cut decision was not a complete surprise to the market," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Cheung said the PBOC may have wanted to mitigate the impact of any future policy easing on the Chinese yuan ahead of the Federal Reserve's policy meeting this week, which is keenly watched by financial markets.
China is due to release May credit lending data and activity indicators, including retail sales and industrial production, this week. "However, the market is expecting the PBOC to cut the policy rate further. Looking ahead, the PBOC could make marginal adjustments to the policy rate in order to stimulate credit growth and avoid inflation issues in the coming quarters."
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