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USD/CNH, China A50 vulnerable as stimulus measures disappoint
Traders hoping for bold stimulus measures from Chinese policymakers have been left disappointed again, amplifying concerns regarding the trajectory for the Chinese economy. And that makes it difficult to get excited about a meaningful recovery in mainland stocks or the Chinese yuan. Property market support lacking The People’s Bank of China’s (PBOC) Loan Prime Rate (LPR) – the benchmark rate new and existing loans within China are priced off – was lowered by 10 basis points to 3.45% for August, below the 15 basis point reduction expected. The 5-year LPR -- which influences mortgage rates – was surprisingly ... (full story)