China bigger than expected rate cut: PBoC likely to remain on dovish tilt in coming months ...Middle East

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China bigger than expected rate cut: PBoC likely to remain on dovish tilt in coming months
The news from earlier ICYMI:PBOC Rate CUT ___ (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%)China's largest ever cut to its benchmark reference rate for mortgagesOnshore yuan trades at its weakest against dollar since November last yearChina makes historic cut to benchmark mortgage rates - analyst says its a bit lateSnippet from ING in their response to the cut, noting a few firsts:Given the RMB depreciation pressure amid unfavourable interest rate spreads, we saw limited room for manoeuvre before global central banks shifted toward rate cuts. While single-sided LPR cuts have occured in the past, it was always the 1-year rate that was cut while the 5-year rate was maintained.

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