by 10 basis points across the board, as widely expected by markets. While the move is expected to unlock more stimulus in the country, it also highlights a slowing economic rebound in China.
The cut was largely priced in by markets, given that the PBOC had already trimmed short and medium-term rates last week. Chinese stocks had risen in the lead-up to the LPR cut, rebounding from six-month lows over the past week. But the economic outlook for China remains bleak, with a slew of major investment banks cutting their growth forecasts for the year. The recent rate cuts were in part spurred by a slew of weak economic readings for April and May.
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