China’s unexpected move to cut rates for the second time in less than a month revealed just how worried Beijing is about flagging domestic growth.
But Thursday’s announcement – of a 31 basis point cut in the benchmark one-year lending rate and a 25 basis point cut in the benchmark deposit rate – was accompanied by another message. Along with its statement on interest rates, China’s central bank took the unusual step of issuing a warning to financial institutions to “continue to suppress speculative investments in housing”.
“This is clear sign that, while the government wants to further stimulate the economy, it is also increasingly worried about a resurgence of housing prices,” said Du Jinsong, an analyst at Credit Suisse.
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