Login

      E-mail
      Password

      Leading provider of market intelligence and pricing solutions for energy products and commodities in China

      LATEST
      Oman (Oman) 70.84 Brent 68.59 Brent Dtd (UK) 70.02 Dubai (UAE) 70.60 SC crude contract 519.2 Shengli (China) 67.14 WTI 66.21 Oman (Oman) 70.84 Brent 68.59 Brent Dtd (UK) 70.02 Dubai (UAE) 70.60 SC crude contract 519.2 Shengli (China) 67.14 WTI 66.21

      China cuts interest rates to boost economy

      7:00pm 25 Jul, 2024 Ray Chen

      *PBOC cut key policy rates on the heels of the Third Plenum;

      *Seven-day reverse repo was down by 10 basis points to 1.70%;

      *One-year MLF was down by 20 basis points to 2.30%;

      *LPRs were cut by 10 basis points;

      *Commercial banks also cut deposit interest rates.

       

      Guangzhou (JLC), July 25, 2024 – The People’s Bank of China (PBOC), China’s central bank, has cut some key policy interest rates since July 22, a move seen as parts of the latest efforts to boost the economy after the conclusion of the third plenary session of the 20th Central Committee of the Communist Party of China (known as the “Third Plenum”).

       

      The cuts, ranging from 10 to 20 basis points, involved the seven-day reverse repurchase (reverse repo) and one-year medium-term lending facility (MLF), which serve as the short-term and medium-term policy rate, respectively.

       

      Loan prime rates (LPRs), which serve as the country's market-based benchmark lending rates, also dropped by 10 basis points.

       

      Meanwhile, major commercial banks – including the “big-four”, namely the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), and China Construction Bank (CCB) – also announced on Thursday that they cut deposit interest rates by up to 20 basis points.

       

      Details of a range of cuts


      interest rates, rate cut

      On July 22, the PBOC lowered the interest rate on seven-day reverse repos to 1.7%, a cut of 0.1% or 10 basis points.

       

      A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. A reverse repo will potentially inject more liquidity into the market.

       

      On the same day, the one-year LPR was lowered by 10 basis points to 3.35%, while the five-year LPR – the benchmark for mortgages – was reduced by the same margin to 3.85%.

       

      The LPRs are calculated by the National Interbank Funding Center (NIFC), serving as the pricing reference for bank lending, the PBOC said on its website.

       

      On July 25, the PBOC also pumped CNY200 billion into the market via the MLF, which will mature in one year at an interest rate of 2.3%, 20 basis points lower than the previous level.

       

      The MLF was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

       

      Also on July 25, some of China's major commercial banks including ICBC, ABC, BOC and CCB announced a reduction in deposit interest rates by up to 20 basis points, the Beijing News reported.

       

      The one-year, two-year, three-year, and five-year deposit rates from the “big-four” commercial banks was lowered to 1.35%, 1.45%, 1.75%, and 1.80%, respectively.

       

      Monetary policy, first to move

      The moves made by the PBOC and major state-backed commercial banks were among the latest efforts made by the country to rejuvenate the economy, given the fact the Q2 GDP grew slower than expected.

       

      The interest rate cuts, especially those for corporate loans, mortgages and deposits, are expected to help further reduce the burden on the economy and stimulate effective demand, market sources said.

       

      More policies are expected in order to boost the economy after the Third Plenum, as more stimulus will be needed if the government is to attain the annual growth target of around 5%.


      主站蜘蛛池模板: 久久综合狠狠综合久久97色| 国产三级久久久精品麻豆三级| 三级伦理在线播放| 欧美人与动牲交a欧美精品| 另类视频第一页| 揄拍自拍日韩精品| 怡红院av一区二区三区| 五月天婷婷丁香| 特级黄色毛片视频| 国产A级三级三级三级| jizzjizz之xxxx18| 女人18片毛片60分钟| 久久久久久影院久久久久免费精品国产小说| 欧美精品寂寞影院请用uc| 啊灬啊灬别停啊灬用力啊免费| 久久综合久久鬼| 在线观看北条麻妃| 中文字幕AV一区中文字幕天堂| 最新国产精品好看的国产精品| 亚洲综合AV在线在线播放| 肉色无边(高h)| 国产成人综合精品一区| 97免费人妻在线视频| 少妇大胆瓣开下部自慰| 久久大香香蕉国产| 欧美大荫蒂毛茸茸视频| 亚洲首页在线观看| 精品视频九九九| 国产午夜片无码区在线播放| 136av导航| 天堂影院www陈冠希张柏芝| 中文字幕在线观看亚洲视频| 最近最好最新2018中文字幕免费| 亚洲精品视频在线观看你懂的| 精品无码国产污污污免费网站 | 天堂网最新版www| 中文字幕在线观看日韩| 日韩国产欧美成人一区二区影院| 亚洲日本在线免费观看| 狠狠色噜噜狠狠狠狠98| 午夜一级免费视频|