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- PBOC provides window guidance to local banks on property loans
PBOC provides window guidance to local banks on property loans
The People’s Bank of China’s branches have provided window guidance to local banks on property loans, Reuters reports, citing a story carried by the Financial News.
Additional takeaways
“China central bank branches tell local banks to keep total local property loan volumes stable.”
“China central bank branches tell local banks to conduct cross-region adjustments to property loans.”
“A surge in Chinese junk dollar bond yields in October, briefly reaching 20%, has made it all but impossible for stressed developers to refinance their maturing debt. Such firms have just over $2 billion of onshore and dollar-bond payments due in November,” according to data compiled by Bloomberg.
Market reaction
AUD/USD remains pressured but continues to defend 0.7500 amid mixed markets and upbeat Chinese Caixin Manufacturing PMI.
The RBA made no offer to buy the April 2024 yield target bond on Monday ahead of the central bank’s monetary policy decision on Tuesday.
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