China's stock market experienced a significant boost following a series of regulatory measures aimed at supporting the country's struggling property sector and shoring up market confidence. The People's Bank of China (PBOC) announced a substantial $139 billion cut to banks' reserve requirements, which led to a rally in Chinese property shares, marking Hong Kong stocks' best day in over two months. Chinese regulators also widened the uses for commercial property lending by banks to ease the liquidity crunch in the real estate sector. Additionally, the top financial regulator, the National Financial Regulatory Authority (NFRA), supported municipal governments and the housing ministry in optimizing policies on down payment requirements and home mortgage rates. Despite the positive market response, some analysts expressed skepticism about the long-term effectiveness of these new rules, and there were vague promises of more support to come.
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#China supports municipal govts, housing ministry to further optimize policies on down payment requirement, #home mortgage rates - top financial regulator NFRA https://t.co/haGgRmRP6L
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#Chinese #property developers rally in HK as regulators will widen the uses for commercial property lending by banks to ease liquidity crunch in real estate sector. https://t.co/haGgRmRP6L https://t.co/PCOBbETV6d
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