PBoC cuts key lending rates
Move follows unscheduled cut to two other rates after official data showed growing slowdown
China’s central bank cut its benchmark lending rate today (August 22), a week after authorities released data showing mounting economic problems.
The People’s Bank of China lowered its one-year loan prime rate (LPR) by five basis points to 3.65%. The PBoC also cut the five-year loan prime rate, which influences mortgage rates, by 15 basis points to 4.3%.Official data showed year-on-year inflation reaching 2.7% in July, its highest level this year and up from 2.5% in June.
The latest cuts
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