China stands pat on benchmark rate, signals brief pause in easing efforts

first_imgGross domestic product (GDP) shrank 6.8 percent in the first quarter year-on-year, the worst quarterly contraction on record, as the pandemic and tough containment measures paralyzed activity across the country.China has lowered the LPR twice this year, while also delivering other easing measures to restore growth.Some analysts expect more aggressive monetary and fiscal stimulus could be rolled out soon to help companies and consumers, possibly at China’s annual National People’s Congress (NPC) session starting on May 22.The LPR is a lending reference rate set monthly by 18 banks.Topics : China held its benchmark lending rate steady on Wednesday, though analysts believe the widely expected decision signals just a brief pause in the central bank’s efforts to support an economy ravaged by the coronavirus pandemic.The one-year loan prime rate (LPR) remained at 3.85 percent from last month’s fixing, while the five-year LPR was also kept at 4.65 percent.A Reuters survey of traders and analysts showed more than 70 percent of them expected China would stand pat on the benchmark lending rate in May. Markets usually take the People’s Bank of China’s (PBOC) stance on its medium-term lending facility (MLF) rate – which serves as a guide for the LPR – as an indicator for any adjustment to the lending benchmark.The PBOC surprised markets last Friday by keeping the interest rate on MLF loans steady, even as authorities have stepped up the pace of monetary easing recently to combat the worst economic slowdown in decades.Jacqueline Rong, senior China economist at BNP Paribas in Beijing, said the steady LPR does not mean the PBOC won’t deliver additional rate cuts or reduce banks’ reserve requirement ratio (RRR) in June.“Objectively speaking, economic recovery in April and May was much better than market forecasts, and was probably beyond policy expectations,” she said.last_img read more

What Mauricio Pochettino has told Tottenham chairman Daniel Levy amid Man Utd and Real Madrid links

first_imgMauricio Pochettino has been linked with Manchester United and Real Madrid (Picture: Getty)Tottenham reportedly fear Mauricio Pochettino will leave the club this summer after telling chairman Daniel Levy he is desperate to win titles.Pochettino is rated as one of the most talented managers in the world and has emerged as a target for both Manchester United and Real Madrid.United will appoint a permanent successor to Jose Mourinho at the end of the season and, while Ole Gunnar Solskjaer is in pole position, Pochettino remains a figure of substantial interest.Real Madrid are only third in La Liga – nine points adrift of Barcelona – and Santiago Solari is already under pressure, just four months after replacing Julen Lopetegui.AdvertisementAdvertisementADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityAccording to The Sun, Pochettino has told Tottenham chairman Levy his ‘burning ambition’ is to win titles, sparking fears in north London that the manager could leave this summer.Last week, Pochettino said it could take ‘five to ten years’ to turn Spurs into Premier League title contenders. Tottenham were subsequently beaten by Chelsea.It is claimed Pochettino now wants financial backing to compete with Europe’s elite and could be tempted to leave if Manchester United or Real Madrid express interest.Madrid contacted Pochettino last summer and are reportedly willing to pay up to £40million in compensation to lure him to the Spanish capital. Comment Pochettino unhappy with lack of end product during Chelsea lossTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 7:42FullscreenPochettino unhappy with lack of end product during Chelsea losshttps://metro.co.uk/video/pochettino-unhappy-lack-end-product-chelsea-loss-1872706/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. Advertisement Pochettino with Spurs chairman Daniel Levy (Picture: Getty)Tottenham were mooted as Premier League title contenders earlier in the season but have lost successive games to fall nine points adrift of Liverpool.Spurs face north London rivals Arsenal this weekend and a defeat would see the Gunners move to within one point of Pochettino’s side.‘It is a big motivation,’ Unai Emery said. ‘We need to take the opportunity…it’s one team that, at the moment, are better than us in the table.‘I think it is very difficult there, to win, but it is a good test, a great test and a positive test.’More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movescenter_img What Mauricio Pochettino has told Tottenham chairman Daniel Levy amid Man Utd and Real Madrid links Advertisement Metro Sport ReporterFriday 1 Mar 2019 12:27 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link431Shareslast_img read more