Key updates from PBoC (People’s Bank of China):
1. 5 year loan prime rate set at 4.65%
2. 1 year loan prime rate at 3.85%.
It has been widely expected that there will be no change to these rates. Reps from PBoC has been vocal in saying that there was little need for more emergency measures with its deputy director of the central bank’s monetary policy making a statement that lowering the interest rates doesn’t mean it’s for the better.
Chinese banks have loaned a historical high of 12.09 trillion yuan in the first 6 months of the year as per central bank data. USD/CNH is seen to extend it’s gains from 6.9940 to 6.9975 post the announcement.
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