OPINION: While the RBA frets about house prices rising again, China’s central bank is worried its property sector can’t get off the canvas.
The hunt for clues as to just how hawkish the Reserve Bank is continued on Tuesday with the release of the minutes of the Reserve Bank’s June meeting.
“Members noted that, if sustained, this would imply less of a drag on consumption in the year ahead than had previously been envisaged,” the minutes said. “The increase had been broadly based across capital cities in May and was consistent with developments in a number of other countries.”But not all countries. Australia’s most important trading partner is facing a very different property problem.its one year and five-year loan prime rates by 0.
Whether the PBoC was following Chinese President Xi Jingping’s “homes are for living, not speculating” mantra, or whether the central bank has reasonably concluded that cutting already low interest rates is doing little to stimulate demand, is probably a moot point.
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