Deposit-Rate Cut Urged, Home-Price Drop Slows: Evergrande Update
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China’s home prices dropped at a slower pace in March after authorities took further steps to arrest a decline in the real estate industry, offering a rare glimmer of hope to the distressed sector.
Meanwhile, Chinese authorities urged commercial lenders on Friday to lower their deposit rates, according to people familiar with the matter, in an effort to support the economy hit by a worsening Covid outbreak. Earlier in the day, the nation’s central bank left a key policy rate unchanged, disappointing most economists who had expected a reduction.