China new home prices for March released today:
- All China March new home prices +7.7% y/y (compared to +8.7% in February)
- Prices rose 0.2% m/m in March (February was +0.3%)
- Beijing new home prices +10.3% y/y (compared to +12.2% in February)
- Shanghai new home prices +13.1% y/y (compared to +15.7% in February)
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Prices continue higher in the major cities, but there have been concerns about the property market in smaller Chinese cities/provinces (I’ve posted on this quite a bit recently:
- China to cut reserve requirement at some rural banks
- Another Chinese province plans loosening housing purchase curbs
- Developer warns of imminent property collapse
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Also: People’s Bank of China (PBOC) set the yuan reference rate today at 6.1586 (vs. prior set at 6.1575 and Thursday close at 6.2190)
