PBoC cuts loan prime rates
Reductions in benchmark lending rates follow recent stimulus measures
China’s central bank reduced benchmark lending rates by 25 basis points today (October 21), in the latest in a series of measures aimed at stimulating the economy.
The one-year loan prime rate (LPR) was cut from 3.35% to 3.1%, while the five-year LPR was lowered from 3.85% to 3.6%, the People’s Bank of China (PBoC) said in a statement.
Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.
LPRs are normally charged to
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