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Chinese banks cut a key reference lending rate for mortgages by the most on record, ramping up support for the beleaguered property sector. The five-year Loan Prime Rate, a ...
post: CHINA SLASHES 5-YEAR LPR BY 25 BASIS POINTSPBOC Rate Cut (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%) People's Bank of China policy rate setting. LPRs set at: • 3.45% for the one-year (previously 3.45%) • 3.95% for the five-year (previously 4.20%) • first cut to the 5-year since August • 25bp is the largest cut ever The 5-year rate serves as an influence on mortgage rates. The cut to the 5-year will therefore be a positive for China's deeply troubled property sector. The PBOC's Loan Prime Rate (LPR): • Its an interest rate benchmark used in China, set by the People's Bank of China each month. • The LPR serves as a reference rate for banks when they determine the interest rates for (primarily new) loans issued to their customers. • Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. • Its calculated based on the interest rates that a panel of 18 selected commercial banks in China submit daily to the PBOC. • The panel consists of both domestic and foreign banks, with different weights assigned to each bank's contributions based on their size and importance in the Chinese financial system. The LPR is based on the average rates submitted by these panel banks, with the highest and lowest rates excluded to reduce volatility and manipulation. The remaining rates are then ranked, and the median rate becomes the LPR.
It's a quiet start to the week thanks to the President's Day holiday in the US, and it's also a relatively quiet week on the data front, however as DB's Jim Reid writes in his ...
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In a January 24 Barchart article, I highlighted Bitcoin’s buy-the-rumor and sell-the-fact price action after the SEC approved spot Bitcoin ETF products. I wrote: Bitcoin prices ...
video Pomp Investments' Anthony Pompliano says Bitcoin is now the 'favored' asset of Wall Street investors on 'The Claman Countdown.'
The European Central Bank says banks are "barking up the wrong tree" when they fret over the impact of deposit flight from a future digital euro, arguing instead that stablecoins ...
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- Posted: Feb 19, 2024 9:20pm
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