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Bank rescues on both sides of the Atlantic. Global markets in turmoil. American and European policy makers rushing to turn the tide. In contrast, China’s markets were calm and buoyant Thursday.
China Evergrande Group, once among China’s biggest developers and now a poster child for its property crisis, laid out details of a multi-billion dollar restructuring plan that calls for its offshore creditors to swap their debt for new securities.
A buyer from mainland China is offering HK$1.2 billion ($153 million) for a mansion in Hong Kong’s Peak area, a sign of the city’s rebounding property market after it reopened to the world.
The share of South Korean developers struggling to pay interest expenses on their loans rose by a quarter last year as the central bank aggressively tightened policy and the local housing market began to wobble.
New Zealand’s aggressive monetary policy tightening is having the desired effect of slowing the economy, Reserve Bank Chief Economist Paul Conway said.
Jan 16, 2019
The Canadian Press
TORONTO -- Royal Bank of Canada (RY.TO) has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent.
Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields.
McLister adds that he expects other big banks to follow suit in the coming days.
When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank's cost of funds.
RBC says that includes the rate the bank pays in the wholesale market, increasing regulatory costs and market volatility.
McLister says now that market volatility has subsided, the bank's competitors have started undercutting big banks which puts pressure on them to act.
