The Chinese central bank left both its 1- and 5-year rates unchanged in their monthly review today, still at 3.45% and 3.95% respectively. These 'holds' come amid a flurry of other loosening activity last week, targeted at reviving their property markets and saving the remaining large property developers. Analysts are forming the view that the actions China has taken to reinvigorate its property sector won't be enough to achieve that. The number of new shipbuilding orders in China rose almost +60% in Q1-2024 from the same period a year ago. That all means our TWI-5 starts today just on 70.2, and down -20 bps from yesterday.

Source: Stuff May 20, 2024 22:50 UTC