Sentiment has been hammered this month by a string of weak data out of Beijing indicating the post-Covid recovery has run off track.
“From recent commentaries, it appears that central bankers will keep the flexibility to hike rates further, while clearly avoiding committing to cut rates soon,” said Redmond Wong at Saxo. However, it stood pat on the five-year LPR, which is used to price mortgages and the reductions were smaller than forecasters had predicted.
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