China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point reduction in the five-year LPR.
China's benchmark CSI (.CSI300) slipped 0.17%, with the real estate index (.CSI931775) falling 1.9%, its biggest daily decline in a month.
"I don't think they (the LPR cuts) are going to move the needle at all," said Redmond Wong, Greater China market strategist at Saxo Markets.
He said a 15 basis-point cut would have sent a "stronger message" that could boost sentiment in China's property sector.
The People's Bank of China lowered the medium-term lending facility rate on Thursday last week.
Persons:
Redmond Wong, Xi, Rodrigo Catril, Antony Blinken's, Saxo's Wong, Brent, Selena Li, Joice Alves, Anisha Sircar, Susan Fenton
Organizations:
CSI, Saxo Markets, People's Bank of, National Australia Bank Senior, Citi, U.S, Reserve Bank, Australia's, Bank of England, Thomson
Locations:
HONG KONG, China, Asia, Pacific, Japan, Greater China, Beijing, People's Bank of China, United States, Hong Kong, London