China keeps lending rate unchanged as data show housing market is still struggling [Yahoo! Finance Canada]
ING Group, N.V. (ING)
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ing.com/investor-relations.htm
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Source: Yahoo! Finance Canada
persisting weakness in the world's No. 2 economy's manufacturing and real estate sectors. The central bank kept its rate for 1-year medium-term lending facility loans, used as a benchmark for other lending rates, at 2.5%. The decision aligned with expectations: instead of cutting already low interest rates Beijing has focused on channeling spending to areas considered to be high priorities such as high-tech industries. The government reported Monday that factory output fell 5.6% in May from the year before, slowing from 6.7% in April, though analysts noted some impact due to more work days in this year compared with the year before. Property investments fell 10% year-on-year and home sales sank 30.5%, suggesting a raft of measures to try to turn around a real estate slump have yet to take hold. ADVERTISEMENT Home prices in major, so-called Tier 1 cities like Beijing and Shanghai, fell 3.2%. The downturn in the property industry followed a crackdown on excessive borrowing b
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