RMB under pressure after Beijing cuts rates; more easing expected
China property market and SOEs to gain from lower funding costs but weaker RMB may hit Asian economies
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Singapore
MORE monetary easing by Beijing is on the cards, even as it cut interest rates for the second time in just over three months to support a sluggish economy and ward off deflation risks (INFOGRAPHIC: Reactions to China rate cut).
While this bodes well for the property market and highly-leveraged state-owned enterprises (SOEs), the rate-cut cycle will further weaken the renminbi. But economists believe a sharp drop in the redback is unlikely.
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