The People’s Bank of China cut policy rates today:China cuts 1 and 5 year loan prime rates by 10 basis points eachPBoC announces cut to 7-day reverse repo rate to 1.70% from 1.80%the PBOC last lowered the seven-day rate in August 2023, when it cut the MLF also. Noth were cut by 10bp. PBOC to lower collateral for Medium-term Lending Facility (MLF) loansThe Key LPR rates now:The one-year rate has been cut to 3.35%prior 3.45%The five-year rate has been cut to 3.85%prior 3.95%The cuts were not widely expected. But they do come after another round of poor data:weaker-than-expected Q2 GDPconsumer inflation once again edging towards deflationsoft PMIsDebt remains as a huge drag on the property sect
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