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UBS Expects PBOC to Cut Rates by Another 20-30 Bps This Yr w/ Elevated RMB Exchange Rate
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In 1H25, China's market was characterized by an intense wave of positive factors, UBS Global Banking said. Despite the certain uncertainties brought about by the international situation, the China market, especially Hong Kong's market, remained its turbulent upside and leadership in the world. Over the past 12 months, Chinese companies' offshore issuance clearly picked up rapidly, with IPO pricing projects such as CATL(03750.HK) and MIDEA GROUP (00300.HK). Amid continued deflationary pressures and high uncertainty, UBS estimated the People's Bank of China (PBOC) to cut rates by another 20-30 bps over 2025, following a 10 bps cut in policy rates in early-May. Regarding RMB, for the year as a whole, the annual USD/ RMB exchange rate may fluctuate within the range of 7-7.5 (but will not appreciate or depreciate significantly). In view of the recent easing of the trade war between China and the US, the RMB exchange rate may be closer to the strong range. AAStocks Financial News Website: www.aastocks.com |
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