Market Information Monday 22 December 2025

China kept its benchmark loan prime rate (LPR) unchanged for a seventh straight month, in line with expectations. The one-year LPR stayed at 3.00% and the five-year LPR at 3.50%, signalling policymakers are in no hurry to ease as growth is seen meeting annual targets. Officials continue a cross-cyclical approach while facing property sector weakness and soft loan demand. Barclays and Nomura expect possible rate cuts and reserve requirement ratio reductions in early to mid 2026.

Gold pushed through $4,400 an ounce for the first time as markets priced in US Federal Reserve rate cuts and safe haven demand stayed firm. Spot gold rose 1.4% to $4,397.16 after touching a record $4,400.29, while futures traded at $4,430.30. Gold is up 67% year to date. Silver jumped 3.3% to $69.44 and is up 138% year to date.

Firm intervention by the Reserve Bank of India helped stabilise the rupee after it rebounded above 90 per US dollar on Friday and closed at 89.27, up more than 1% on the week. The currency had hit a record low of 91.075 on 16 December before recovering nearly 2% on swap operations and debt purchases. India’s 10-year yield ended at 6.6017%, with 6.56% to 6.65% seen as the near-term range.

The 6M Euribor decreased with 1 basis point to 2.13% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.96% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.