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China kept its benchmark lending rate

China kept its benchmark lending rate | 20 July 2021

20 July 2021, USD/JPY

USDJPY trading plan:

China kept its benchmark lending rate for corporate and household loans unchanged at its monthly fixing. The one-year loan prime rate was kept at 3.85%. The five-year LPR remained at 4.65%. The rate was unchanged for the 15th straight month. The People’s Bank of China lowered the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 109.32 and take profit 109.92.

David Johnson
Analyst of «FreshForex» company
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