This time China chose to only trim its one-year benchmark lending rate by 10 basis points and leave the five-year rate unchanged, surprising analysts who had looked for cuts of 15 basis points in both. The news knocked Chinese blue-chips to a nine-month low and kept pressure on the yuan even as the People's Bank of China (PBOC) tried to support it with another firm fixing. Analysts estimate Chinese banks sold at least $2 billion offshore last week on behalf of the PBOC, but only managed a temporary pause in the yuan's decline.
Another day, another disappointment from China.
The news knocked Chinese blue-chips to a nine-month low and kept pressure on the yuan even as the People's Bank of China tried to support it with another firm fixing. Analysts estimate Chinese banks sold at least $2 billion offshore last week on behalf of the PBOC, but only managed a temporary pause in the yuan's decline.
That's not to say Beijing is doing nothing. China's securities regulator unveiled a package of measures on Friday aimed at boosting investor confidence. Dozens of China-listed companies responded over the weekend by outlining plans to purchase their own shares.
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