The People’s Bank of China lowered its seven-day reverse repurchase rate by ten basis points to 1.90% and there was continued speculation about a potential medium-term lending facility rate cut.
China’s May New Loans CNY1.36 trln (expected CNY1.60 trln; last CNY718.8 bln), May outstanding loan growth 11.4% yr/yr (expected 11.6%; last 11.8%), and May total social financing CNY1.56 trln (expected CNY2.00 trln; last CNY1.22 trln)