UBS Bank alters its forecasts for China's economic growth in light of recent positive developments.

UBS Bank has raised its forecast for China's GDP growth rate in the fourth quarter of this year to 6.5% on a quarterly basis compared to the third quarter, following faster-than-expected growth of the Chinese economy in the third quarter.

In addition, UBS Bank maintained its forecast for annual economic growth in China for the fourth quarter at 4.6%, while the Swiss bank raised its economic growth estimates for the entire year of 2024 to 4.8% from the previous forecast of 4.6%.

Moreover, UBS Bank has raised its forecast for real GDP growth next year to 4.5% instead of the 4% previously anticipated by the Swiss bank in an earlier report.

Earlier today, the People's Bank of China decided to lower the primary loan interest rate (LPR) by 25 basis points to 3.10% for one-year loans, and the bank also reduced the primary loan interest rate for five-year loans to 3.60%, as expected.