Shares of CM Bank (03968) surged by a significant 10.99% on Monday, driven by the People's Bank of China's announcement of a comprehensive stimulus package aimed at reinvigorating the country's struggling property market and supporting the banking sector.
On Tuesday, the Chinese central bank unveiled a slew of measures, including a 50 basis point reduction in banks' reserve requirement ratio and a 20 basis point cut in the seven-day reverse repo rate. These moves are expected to increase liquidity in the banking system and promote lending.
Additionally, the central bank announced plans to lower the minimum down-payment ratio for second home purchases to 15%, aligning it with the requirement for first homes. This measure, coupled with plans to expand funding for banks to extend loans for unsold properties, is expected to boost housing demand and support the ailing real estate sector.
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