0220 GMT - China's central bank may have less scope for rate cuts this year, DBS Group Research's Samuel Tse says in a commentary. The differential between the 10-year U.S. and Chinese government bonds has already narrowed to around 300 bps, while the USD/CNH currency pair is heading for 7.30 again, the economist and rates strategist says. "This will continue to constrain how far the People's Bank of China can cut, given its priority of managing exchange rate stability," Tse says. DBS trims its 2025 forecast for 1-year Loan Prime Rate cuts to 30bps from 50bps previously. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 21:20 ET (02:20 GMT)
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