Beijing & Shanghai Lower Down Payments For First-Time Home Buyers

Key News

Asian equities cheered the Fed’s interest rate cut outlook, except for Japan and China, while the Philippines outperformed.

The US dollar fell as China’s currency the Renminbi (CNY) gained +0.54%, closing at 7.13 CNY per USD from yesterday’s 7.17, the Bloomberg Asia Dollar Index gained +0.8%, and the Bloomberg Dollar Index fell -0.36%. CNY has appreciated versus the dollar from 7.32 on November 2nd to today’s 7.13 CNY per USD. Usually, this would be a good tailwind for Chinese stocks, though it has yet to materialize.

Mainland investors were hoping for more domestic consumption support from the Central Economic Work Conference (CEWC
EWC
) yesterday, which has weighed on sentiment. Remember yesterday’s loan and financing data release, which occurred after the market’s close and missed expectations? No one seemed to mention/notice the data improved month over month as the beatings will…