China cuts the RRR and leaves LPRs unchanged – UOB

China cuts the RRR and leaves LPRs unchanged – UOB – by pabspiovano China PBOC InterestRate CentralBanks Banks

Economist Ho Woei Chen at UOB Group comments on the latest interest rate decisions by the PBoC.“From 27 Mar, banks’ reserve requirement ratio will be lowered by 25 bps to bring the effective RRR to 7.6%.”into the system. This is in addition to net injections of CNY559 bn via the 1Y medium-term lending facility since the start of the year.”

“We now see the 1Y MLF rate to remain steady at 2.75% and consequently the 1Y LPR at 3.65%, for the rest of 2023. More important to watch will be the 5Y LPR as a reduction to the rate will signal stronger government support to the real estate sector. However, another RRR reduction later this year cannot be ruled out.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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