China cut one-year LPR by 10 bp to 3.45% from previous 3.55%
And the Five-year LPR remains unchanged at 4.2%.
The property sector is as good as dead and the People's Bank of China is instructing banks to lend like crazy:
And yet the Bank gets timid with rate cuts. There is no doubt that deleveraging is a Chinese policy goal, but its catastrophic progress is surely a little out of hand? People's Bank of China unconcerned though.
AUD/USD marked lower on the disappointment:... but by the time I took the screenshot its bounced to be not much changed.
