A currency trader walks by the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, May 20, 2024. Asian stocks advanced Monday after U.S. stock indexes drifted near their records and the Dow Jones Industrial Average finished above the 40,000 level for the first time.– Asian stocks advanced Monday after U.S.
On Monday, China's central bank left the one- and five-year loan prime rate unchanged at 3.45% and 3.95%, in line with expectations. The one-year LPR serves as the benchmark for most new and outstanding loans in China, while the five-year rate affects the pricing of property mortgages. The federal funds rate is sitting at its highest level in more than two decades, and a cut would goose investment prices and remove some of the downward pressure on the economy.
While data reports recently have been better than forecast, “better than expected doesn’t mean good,” economists at Bank of America wrote in a BofA Global Research report.
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