The rate cuts come as Wall Street banks, including Goldman Sachs, slash their forecasts for China’s economy. Goldman said on Sunday that the recovery sparked by the country’s post-Covid reopening appeared to have “fizzled out” in the second quarter as it downgraded its forecast for growth this year to 5.4% from 6%. The People’s Bank of China on Tuesday trimmed its one-year loan prime rate by 10 basis points from 3.65% to 3.55%, and reduced the five-year rate by the same margin to 4.2%.
They underperformed other markets in the region. “This move is in line with our expectations, but might be disappointing for some forecasters who expected a deeper cut of at least 15 [basis points] to the 5-year LPR,” Goldman Sachs analysts wrote in a note on Tuesday. “We continue to expect further policy easing measures to be announced in the next few weeks, especially on fiscal, housing and consumption, although the magnitude of stimulus should be smaller than in previous easing cycles.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Italy ties China's hands at Pirelli over fears about chip technology | CNN BusinessItaly has imposed several curbs on Pirelli’s biggest shareholder, Sinochem, in a move aimed at blocking the Chinese government’s access to sensitive chip technology.
Source: cnni - 🏆 326. / 59 Read more »
What is open on Juneteenth 2023? | CNN BusinessMore employers than ever are observing Juneteenth, which commemorates the end of slavery in the US. Here is what’s open and what's closed on Monday.
Source: CNN - 🏆 4. / 95 Read more »
Binance, SEC reach agreement to keep US customer assets in country | CNN BusinessBinance and the US Securities and Exchange Commission reached an agreement to avoid a full asset freeze of the platform in the US and keep customer assets in the United States, after a US district judge signed off on a consent order filed Saturday.
Source: CNN - 🏆 4. / 95 Read more »
Spotify executive Bill Simmons calls Harry and Meghan 'grifters' after podcast deal ends | CNN BusinessSpotify executive and popular podcaster Bill Simmons has hit out at Prince Harry and Meghan, Duchess of Sussex, labeling them “grifters,” after their multi-year partnership with Spotify ended on Friday.
Source: CNN - 🏆 4. / 95 Read more »
42,000 pounds of Johnsonville Beddar With Cheddar sausages recalled over possible contamination | CNN BusinessSausage company Johnsonville is voluntarily recalling more than 42,000 pounds of its “Beddar With Cheddar” sausages because of possible contamination.
Source: CNN - 🏆 4. / 95 Read more »
Why it's becoming harder and more expensive to get homeowners insurance | CNN BusinessHomeowners insurance is becoming more expensive and, in many places, more difficult to find. There’s no sign that the situation is going to get better any time soon.
Source: CNN - 🏆 4. / 95 Read more »