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CNA
9 hours ago
- Business
- CNA
China keeps benchmark lending rates unchanged as expected in June
SHANGHAI: China kept benchmark lending rates unchanged as expected on Friday, after Beijing rolled out sweeping monetary easing measures a month earlier to support the economy. The one-year loan prime rate (LPR) was kept at 3.00 per cent, while the five-year LPR was unchanged at 3.50 per cent. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. In a Reuters poll of 20 market participants conducted this week, all participants predicted no change to either of the two rates. Last month, China lowered LPRs for the first time since October, while major state banks lowered deposit rates as authorities cut borrowing costs to help buffer the economy from the impact of the Sino-U.S. trade war.
Reuters
10 hours ago
- Business
- Reuters
China keeps benchmark lending rates unchanged as expected in June
SHANGHAI, June 20 (Reuters) - China kept benchmark lending rates unchanged as expected on Friday, after Beijing rolled out sweeping monetary easing measures a month earlier to support the economy. The one-year loan prime rate (LPR) was kept at 3.00%, while the five-year LPR was unchanged at 3.50%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. In a Reuters poll of 20 market participants conducted this week, all participants predicted no change to either of the two rates. Last month, China lowered LPRs for the first time since October, while major state banks lowered deposit rates as authorities cut borrowing costs to help buffer the economy from the impact of the Sino-U.S. trade war.
Reuters
a day ago
- Business
- Reuters
China likely to keep lending rates steady after May cut, trade truce
SHANGHAI, June 19 (Reuters) - China is widely expected to keep its benchmark lending rates unchanged at a monthly fixing on Friday, a Reuters survey showed, after Beijing rolled out sweeping monetary easing measures a month earlier to aid the economy. A framework agreement covering tariff rates between Washington and Beijing has raised optimism the world's two largest economies can get business activity back on track, reducing the urgency for additional easing measures. The loan prime rate (LPR), normally charged to banks' best clients, is calculated each month after 20 designated commercial banks submit proposed rates to the People's Bank of China (PBOC). In a Reuters survey of 20 market watchers conducted this week, all respondents expected both the one-year and five-year LPRs to remain steady. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. Last month, China lowered LPRs for the first time since October, while major state banks lowered deposit rates as authorities cut borrowing costs to help buffer the economy from the impact of the Sino-U.S. trade war. Market participants said key rates now move in tandem with the seven-day reverse repo rate, which serves as the main policy rate. "That means any adjustment to the LPR should follow changes to the seven-day reverse repo rate," said a trader at a brokerage, noting it will also take some time to gauge the impact of stimulus measures introduced in May. However, a string of disappointing economic data, including slower-than-expected credit growth and deepening deflationary pressure, has underscored the need for more stimulus. "Near-term economic stabilisation is dependent on reaching a trade deal with the U.S., which will take precedence over more policy stimulus," said Ho Woei Chen, economist at UOB. Chen expects the seven-day reverse repo rate to be reduced by 10 basis points in the fourth quarter of this year and guide LPRs to lower by the same margin. "The prospect of another 50-basis-point cut to the reserve requirement ratio (RRR) remains in place," she said.
Yahoo
a day ago
- Business
- Yahoo
China likely to keep lending rates steady after May cut, trade truce
SHANGHAI (Reuters) -China is widely expected to keep its benchmark lending rates unchanged at a monthly fixing on Friday, a Reuters survey showed, after Beijing rolled out sweeping monetary easing measures a month earlier to aid the economy. A framework agreement covering tariff rates between Washington and Beijing has raised optimism the world's two largest economies can get business activity back on track, reducing the urgency for additional easing measures. The loan prime rate (LPR), normally charged to banks' best clients, is calculated each month after 20 designated commercial banks submit proposed rates to the People's Bank of China (PBOC). In a Reuters survey of 20 market watchers conducted this week, all respondents expected both the one-year and five-year LPRs to remain steady. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. Last month, China lowered LPRs for the first time since October, while major state banks lowered deposit rates as authorities cut borrowing costs to help buffer the economy from the impact of the Sino-U.S. trade war. Market participants said key rates now move in tandem with the seven-day reverse repo rate, which serves as the main policy rate. "That means any adjustment to the LPR should follow changes to the seven-day reverse repo rate," said a trader at a brokerage, noting it will also take some time to gauge the impact of stimulus measures introduced in May. However, a string of disappointing economic data, including slower-than-expected credit growth and deepening deflationary pressure, has underscored the need for more stimulus. "Near-term economic stabilisation is dependent on reaching a trade deal with the U.S., which will take precedence over more policy stimulus," said Ho Woei Chen, economist at UOB. Chen expects the seven-day reverse repo rate to be reduced by 10 basis points in the fourth quarter of this year and guide LPRs to lower by the same margin. "The prospect of another 50-basis-point cut to the reserve requirement ratio (RRR) remains in place," she said. Sign in to access your portfolio
Newsweek
4 days ago
- Politics
- Newsweek
Man With Green Card for Over 20 Years Detained by ICE on Return to US—Wife
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A woman said her husband, a lawful permanent U.S. resident (LPR) since 2003, was detained last month by federal agents and faces charges after he returned from spreading his mother's ashes in Mexico. Why It Matters Green-card holders in the United States face increased scrutiny and new enforcement measures under the Trump administration. In April, U.S. Citizenship and Immigration Services (USCIS) warned LPRs that their status could be revoked if deemed a threat to national interests, highlighting the administration's commitment to intensified immigration enforcement, with an expanded focus beyond undocumented immigrants targeting even some legal residents. Federal agents outside of a federal building and Immigration and Customs Enforcement (ICE) detention center in downtown Los Angeles as demonstrations continue after a series of immigration raids, on June 13, 2025. Federal agents outside of a federal building and Immigration and Customs Enforcement (ICE) detention center in downtown Los Angeles as demonstrations continue after a series of immigration raids, on June 13, To Know In May, Gonzalo Ladron de Guevara was detained by federal agents at Chicago's O'Hare International Airport and remains in custody on federal charges, according to FOX 32 Chicago. His wife, Jodi, a U.S. citizen, told the news outlet that her husband left the country for Mexico on May 6 with his brothers to scatter their mother's ashes. When he returned on May 24, he was detained for seven days before being transferred to U.S. Immigration and Customs Enforcement (ICE) custody. Jodi described detention facility conditions as "deplorable," saying her husband has slept on the floor and used unsanitary bathrooms. He has also been surrounded by people with medical crises, including drug withdrawal, she said. His family has not seen since him in more than a month. Jodi said that Gonzalo acquired a green card in 2003, around the same time they were married. She said the detainment likely stems from a past felony charge against her husband that the family said was dismissed 13 years ago. No information about the charge was provided. Newsweek reached out to the Department of Homeland Security, ICE and USCIS via email, and Jodi via social media, for comment. A GoFundMe set up by family friend Cheyenne Ianno has raised more than $7,775 as of Monday, with a $10,000 goal to help offset legal bills. As of June 13, lawyer fees had already exceeded $4,000. The crowdfunding campaign says that Gonzalo previously visited his family in Mexico "countless times before without issue." "He's their rock—the main provider and the one who cares for their mother, who's been permanently disabled since surviving a brain aneurysm in 2022," the page reads. "His absence has left them facing overwhelming emotional and financial hardship, scrambling to cover rent, food, and steep legal fees. "This is a kind, hardworking family who never imagined they'd be in this position. Please, consider donating or sharing their story. Every bit of support brings them one step closer to reuniting and getting through this unimaginable time. Your kindness means more than you know." Newsweek reached out to Ianno for comment. Newer ICE protocols include robust social media monitoring and ideological vetting, with reports of some legal residents being deported or denied reentry over online activity or political affiliations. In March, USCIS required visa and green card applicants to submit all social media handles, citing national security concerns. These practices raised free speech and due process concerns among advocacy groups and immigration attorneys. Legal uncertainty around the permanence of green-card status also grew following a Justice Department argument that the government could revoke lawful residency at any time, citing a high-profile legal case before the Third Circuit Court of Appeals. Critics warned that such measures could erode due process rights and destabilize the legal status of millions of permanent residents. Amid heavy ICE and National Guard presence in Los Angeles and national protests across the U.S. over the weekend, immigration remains President Donald Trump's strongest issue. About 51 percent approve of his handling of immigration and border security and 49 percent disapprove, according to an NBC News Decision Desk Poll released Sunday. The issue is more heavily weighed by Republicans, with 20 percent of MAGA (Make America Great Again) supporters calling immigration the most important issue, second only to the economy. Just 9 percent of surveyed Americans across all political proclivities said immigration is the issue that matters most to them. What People Are Saying USCIS, in a statement on green-card changes requiring renewed medical examination forms: "We have since determined that the April 4, 2024, policy is overly broad and could potentially threaten public health in the United States. By limiting the validity period to only the current immigration benefit application or request, we ensure that aliens get timely and proper medical examinations and treatment, which safeguards public health." What Happens Next Gonzalo Ladron de Guevara is reportedly being held without bond and scheduled to appear in federal court July 9 in Chicago.
