China’s central bank narrowly cut a key benchmark lending rate in another tentative sign of monetary easing as the world’s second-biggest economy grapples with a slowdown partly induced by a trade war with the US.
The People’s Bank of China on Friday reduced its one-year Loan Prime Rate from 4.25 per cent to 4.20 per cent. The move failed to buoy stocks with the CSI 300 index of Shanghai- and Shenzhen-listed shares edging just 0.2 per cent higher.
“The scale of PBoC’s easing package was somewhat disappointing to doves,” said Mizuho currency strategist Ken Cheung.
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