China keeps one-year loan prime rate unchanged at 3.85%, as expected
|China keeps its one-year loan prime rate unchanged at 3.85%, as expected and its five-year loan prime rate unchanged at 4.65%, as expected.
The People’s Bank of China has held the 1-year and 5-year loan prime rates at their current levels - 3.85% and 4.65% respectively, since April.
China's expected growth in 2021 is expected to be in double digits which will be a positive for the Australian dollar going forward which has benefitted from a robust bounce back from its Ausyralias largets trade partner.
We have revised upward our forecast for China’s GDP growth to 2.1% (+0.3ppt) for 2020 on the back of a robust recovery in the services industry, thanks to news that China will have COVID-19 vaccines ready by year-end,
analysts at ANZ bank said.
In addition, the macro data suggest that GDP growth actually expanded 0.8% over the first eight months, or for two-thirds of the year.
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