{"id":13271,"date":"2023-08-21T02:10:26","date_gmt":"2023-08-21T02:10:26","guid":{"rendered":"https:\/\/isafespend.com\/news\/chinas-central-bank-trims-1-year-rate-but-unexpectedly-leaves-5-year-rate-unchanged\/"},"modified":"2023-08-21T02:10:27","modified_gmt":"2023-08-21T02:10:27","slug":"chinas-central-bank-trims-1-year-rate-but-unexpectedly-leaves-5-year-rate-unchanged","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=13271","title":{"rendered":"China&#8217;s central bank trims 1-year rate, but unexpectedly leaves 5-year rate unchanged"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>China&#8217;s central bank cut its one-year loan prime rate Monday, while leaving its five-year rate unchanged. These decisions are weaker than expectations for more muscular policy intervention following a raft of data that pointed to faltering growth momentum in the world&#8217;s second-largest economy.<\/p>\n<p>The People&#8217;s Bank of China trimmed its one-year loan prime rate \u2014 the peg for most household and corporate loans in China \u2014 by 10 basis points from 3.55% to 3.45%, just shy of the 15 basis points that a majority of economists expected in a Reuters poll. This was the second time China has cut this rate in three months.<\/p>\n<p>The PBOC left its five-year loan prime rate \u2014 the peg for most mortgages \u2014 unchanged at 4.2%, while economists expected a 15 basis point cut due to default risks from festering liquidity woes in the country&#8217;s property sector. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Country Garden<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> is on the verge of default, while <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\">Evergrande<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> filed last week for bankruptcy protection in a Manhattan court.<\/p>\n<p>The <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\">Hang Seng Index<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> was down 0.9% in early trading, while the China Enterprises Index sank more than 1% and the CSI 300 index of mainland-listed blue chips was down 0.3%.<\/p>\n<p>Monday&#8217;s actions follow surprise cuts to its short- and medium-term lending rates last Tuesday after a raft of economic data pointed to weak credit growth and emerging deflation risks, intensifying fears of a rapidly slowing economy. Missed payments on some shadow banking-linked trust products are further spooking investors.<\/p>\n<p>The PBOC had lowered the rate on 401 billion yuan ($55.25 billion) worth of one-year medium-term lending facility loans\u00a0to some financial institutions by 15 basis points to 2.50% from 2.65% previously. Overnight, seven-day, and one-month standing lending facility rates were each trimmed by 10 basis points to 2.65%, 2.8% and 3.15%, respectively.<\/p>\n<\/div>\n<div class=\"group\">\n<p><em><strong>This is breaking news. Please check back for updates.<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/21\/china-loan-prime-rate-august-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s central bank cut its one-year loan prime rate Monday, while leaving its five-year rate unchanged. These decisions are weaker than expectations for more muscular policy intervention following a raft of data that pointed to faltering growth momentum in the world&#8217;s second-largest economy. The People&#8217;s Bank of China trimmed its one-year loan prime rate \u2014<\/p>\n","protected":false},"author":1,"featured_media":13272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-13271","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China&#039;s central bank trims 1-year rate, but unexpectedly leaves 5-year rate unchanged | iSafeSpend<\/title>\n<meta name=\"description\" content=\"China&#039;s central bank cut its one-year loan prime rate Monday, while leaving its five-year rate unchanged. 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