ICYMI – China stepped up support for its ailing property market

<p>Traders with an eye on China have been dissatisfied with support measures unveiled so far the economy. </p><p>This is unlikely to change with the latest announcement from overnight:</p><ul><li>
Two of China’s top financial regulators stepped up pressure on financial institutions to ease terms for property companies, by encouraging negotiations to extend outstanding loans. </li><li>The People’s Bank of China (PBOC) and National Financial Regulatory Administration (NFRA) said in a joint statement on Monday that the aim is to ensure the delivery of homes that are under construction.

Some outstanding loans – including trust loans due by the end of 2024 – will be given a one-year repayment extension, it said. Previously, the more-generous loan terms were to be applied only for loans that were due by late May 2023.</li></ul><p>This is not the large-scale stimulus measures traders were seeking. The wait continues. </p><p>Info comes via S<a href="https://www.straitstimes.com/business/china-to-extend-policies-to-support-ailing-property-market" target="_blank" rel="nofollow">ingapore media</a>, link here for more (may be gated). </p>

This article was written by Eamonn Sheridan at www.forexlive.com.