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23 Feb 2024

Econ Digest

China cuts five-year LPR by most on record, reflecting concerns over its troubled property sector

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  • The People’s Bank of China has made a record cut to its five-year loan prime rate (LPR) – a benchmark lending rate – by 0.25%, to 3.95% from 4.20%.
  • The rate cut is likely to have a limited impact on new mortgage applications. This is because the main problem facing the property sector is declining consumer confidence due to both domestic economic conditions and issues with unfinished housing projects.
  • KResearch holds the view that China is likely to further cut interest rates in 2024 amid the ongoing downturn in the property sector, which will necessitate additional monetary easing.

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Econ Digest

China