Investing.com - China defied investor expectations on Friday in Asia by making no changes to its Loan Prime Rate (LPR) while Australia hinted at a second stimulus package. Elsewhere in the region, Asia continued to grapple with a rise in imported cases.
As of March 19, the number of confirmed cases globally stood at 209,839 with 8,778 deaths, according to the World Health Organisation. China reported no new domestic cases.
Australia
The Federal Reserve Bank of Australia cut interest rates to 0.25% on Thursday and, on Friday, Treasurer Josh Frydenberg hinted at a second stimulus package that would be “significantly bigger” than the A$17.6 billion ($10.7 billion) package announced last week.
Prime Minister Scott Morrison also announced a five-month delay in handing down its budget from May 12 to October 6.
China
China fixed its 1-year Loan Prime Rate (LPR) at 4.05%, the same as a month earlier. The 5-year LPR was also kept unchanged from a month earlier at 4.75%.
The hold defied investors’ expectations for a cut which would have been in line with moves by central banks around the world. Central banks have been cutting rates and offering stimulus packages to stave off a recession caused by the COVID-19 pandemic.
The country’s National Health Commission also announced that the 39 cases reported yesterday are all imported.