SHANGHAI: China kept its benchmark lending rates unchanged for the ninth month in May on Monday (May 22), matching market expectations, as a weakening yuan and widening yield differentials with the United States limited the scope for any substantial monetary easing. A raft of data over the p
SHANGHAI: China kept its benchmark lending rates unchanged for the ninth month in May on Monday , matching market expectations, as a weakening yuan and widening yield differentials with the United States limited the scope for any substantial monetary easing.
Earlier in the day, China's one-year loan prime rate was kept at 3.65 per cent and its five-year LPR was unchanged at 4.30 per cent. "Within monetary policy, symbolic measures such as a reserve requirement ratio cut are more likely than policy rate cuts this year given the already wide US-China interest rate differential and RMB depreciation pressure."
The MLF rate serves as a guide to the LPR and markets mostly use the medium-term rate as a precursor to any changes to the lending benchmarks. "The downside to lowering the LPR is that it reduces banks' return on their existing loan book, adding pressure to their net interest margins, which are at a record low."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China cancels ‘Uncle Roger’ for poking fun at ‘surveillance state’, one China policyBoth his Weibo and Bilibili accounts have been suspended. Read more at straitstimes.com.
Read more »
Biden and McCarthy to meet on Monday as debt ceiling talks resumeWASHINGTON: US President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday (May 22), after a 'productive' phone call as the presid
Read more »
China complains to G7 host Japan over joint statementBEIJING - China firmly opposes the G7 joint statement out of Hiroshima and has complained to summit organiser Japan, the Chinese foreign ministry said on Saturday (May 20). The ministry said that the G7, disregarding China's concerns, had attacked it and interfered in its internal affairs, including Taiwan, the ministry said in a statement. China has expressed its strong dissatisfaction...
Read more »
New Futura hits new high of $4,645 psfSINGAPORE (EDGEPROP) - Among the condos that hit a new psf-price high between April 30 to May 5, New Futura topped the list following the sale of a 2,691 sq ft, four-bedroom for $12.5 million or $4,645 psf on May 5. It beats the previous high of $4,630 psf set in May 2018 after a penthouse measuring 7,836 sq ft fetched $36.3 million.The new high at New Futura follows the sale of a 2,692 sq ft unit for $12.5 million on May 5 (Picture: Samuel Isaac Chua/The Edge Singapore)New Futura, located along
Read more »
Morning Digest, May 20 - Singapore NewsTrending stories while you were asleep
Read more »
This week's top reads from The Straits Times, May 20, 2023Catch up on some of the week's top reads. Subscribe to our newsletter here. Read more at straitstimes.com.
Read more »