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China cuts benchmark loan rate for first time in almost 2 years amid mounting economic pressures

Summary:
[unable to retrieve full-text content]China cut its benchmark lending rate for the first time in almost two years on Monday providing support to an economy showing strain from a property slump and sporadic coronavirus virus outbreaks.The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – was cut from 3.85 per cent to 3.8 per cent at the December fixing, while the five-year LPR – which is a reference for mortgages – remained at 4.65 per cent, according to the People’s Bank of China (PBOC).The LPR…

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[unable to retrieve full-text content]
China cut its benchmark lending rate for the first time in almost two years on Monday providing support to an economy showing strain from a property slump and sporadic coronavirus virus outbreaks.The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – was cut from 3.85 per cent to 3.8 per cent at the December fixing, while the five-year LPR – which is a reference for mortgages – remained at 4.65 per cent, according to the People’s Bank of China (PBOC).The LPR…

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