The People’s Bank of China will be cutting loan prime rates today, from earlier:
Last week we had rate cuts from the People’s Bank of China:
- People’s Bank of China set MLF rate at 2.5%, big cut from prior 2.65%
- The People’s Bank of China cut the reverse repo rate from 1.9% to 1.8%.
- ICYMI: China with three rate cuts in one day to try and bolster the economy
ING expect 15bps:
Goldman Sachs, too are 15bp cuts to the LPRs. Current LPR rates are:
- 3.55% for the one year
- 4.20% for the five year
Barclays is also at 15bp cuts.
If we get 15bp rate cuts the one year will move to 4.2%, a new low.
Earlier news from China:
The PBOC decision is due at 0115 GMT, which is 9.15 pm US Eastern time.
This article was written by Eamonn Sheridan at www.forexlive.com. Source