Hey there! If you're curious about what's happening with China's economy, here's the latest scoop. China decided to keep its Loan Prime Rates (LPR) unchanged this month. The one-year LPR is holding at 3.1%, and the over-five-year LPR, which affects mortgages, stays at 3.6%, according to the National Interbank Funding Center.
So, why no change? 🤔 Bruce Pang, the chief economist at JLL Greater China, told CGTN that there's no rush to tweak the rates right now. China is still checking out how its recent policies are playing out.
Since late September, China has rolled out a bunch of policies to give the economy a boost 🚀. We're talking about monetary easing, fiscal incentives, and support for the property market.
Even though the rates are steady for now, Pang hints that we might see some action later on. While another rate cut this year seems off the table, there's a chance for some changes in 2025. He points out that the outlook depends on China's goals for 2025, current price levels, and how the property market is bouncing back 🏡.
So, keep an eye on this space! China's economic moves can have a big impact globally 🌍, and who knows what the future holds?
Reference(s):
cgtn.com
