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China Maintains Loan Prime Rates as PBOC Signals Policy Shift
China's central bank, the People's Bank of China (PBOC), has decided to keep its one-year loan prime rate at 3.0% and the five-year rate at 3.5%, marking the 17th consecutive month without change. This decision aligns with expectations following stronger-than-anticipated economic growth in the third quarter, which has alleviated the need for further easing of monetary policy. While the loan prime rate remains a benchmark for loans and mortgages, the PBOC is shifting its focus toward short-term rates as a primary policy tool.
In a notable development, the PBOC announced it will conduct daily overnight reverse repo operations from October 21 to November 2, with a cap of 1 trillion yuan per day. This move follows comments from PBOC Governor Pan Gongsheng, who indicated a potential shift towards using the overnight rate as the main policy rate. The specific rate for these operations has yet to be confirmed, but market participants will be closely monitoring it for indications of future policy direction.
The PBOC also set the USD/CNY reference rate at its strongest level since February 2023, reflecting a supportive stance towards a firmer yuan. Analysts from MUFG noted that while improving economic activity in China could bolster the currency, challenges such as weak household demand and a struggling property market may limit its gains. Meanwhile, Asian equity markets experienced a downturn, with the Hang Seng Index falling approximately 1% and the Shanghai Composite Index declining around 0.5%.
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Source: KLEA News