Loading…
The People's Bank of China left the one-year and five-year loan prime rates unchanged at 3.35% and 3.85%, matching consensus. Both rates had been cut by 10 basis points at the prior month's meeting.
Officials cited external pressures and insufficient domestic demand but gave little guidance on further easing.
Holding rates signals that recent cuts are seen as enough support for now, which lowers near-term odds of stimulus that would lift Chinese feed and meat demand. The decision is expected and has little direct price impact.
cmegroup.comAug 1, 2024After 991 past macro events, USDCNY moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
