News Snapshot:
“Today’s reduction to the five-year Loan Prime Rate should help drive a revival in housing sales, which have gone from bad to worse recently,” Julian Evans-Pritchard at Capital Economics said in a note. China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%, the biggest reduction since China revamped the interest rate mechanism in 2019 and more than the five or 10 basis points tipped by most in a Reuters poll. The one-year LPR was unchanged at 3.70%. Many private-sector economists expect China’s economy to shrink this quarter from a year earlier,...
