(Bloomberg) — Chinese stocks fell after banks cut a short-term loan rate by less than expected, even after policymakers called for more lending. Equities in the region traded mixed.
Most Read from Bloomberg
The Hang Seng Index declined as much as 1.8% and headed for its lowest close since November. Shares in mainland China also extended their drops into a second day, with finance stocks among the worst performers, while benchmarks in Japan and South Korea gained. Contracts for US equities edged higher.
Chinese lenders cut the one-year loan prime rate by 10 basis points and kept the five-year prime loan rates unchanged. Traders had expected a 15-basis-point cut on both rates. The central bank and financial regulators had met with bank executives last week and told lenders again to boost loans, adding to signs of heightened concern about the economic outlook.
“The surprising hold of five-year LPR is inconsistent with the overall policy tone of property bailout,” Raymond Yeung, chief…
2023-08-20 22:42:46
Link from finance.yahoo.com
rnrn