The yuan declined against the US dollar after the People's Bank of China lowered its key interest rate not as significantly as investors expected. Now the market is waiting for more detailed information on measures to stimulate economic recovery. For the first time since August 2022, the Central Bank of China has reduced the main rate on loans for first-class borrowers (LPR, loan prime rate) by 10 basis points – to 3.55%. The cost of mortgage lending in the country depends on this rate. Most market participants expected a 15 basis point decline. Analysts note that the lack of state support measures for the economy, which were promised by the authorities, led to the weakening of the offshore yuan. And the decline in interest rates has widened the gap between the renminbi's yield and the US dollar. Before the market opened, the central Bank set the average dollar exchange rate against the yuan at a six-month high of 7.1596 compared to 7.1201 on Monday.
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