People’s Bank of China continues rate cuts
Cuts follow weaker growth figures as deputy governor promises stable credit growth
The People’s Bank of China cut two major policy rates on January 19, continuing the monetary loosening it began earlier this week.
The PBoC reduced the one-year prime loan rate (PLR) by 10 basis points, to 3.7%. This follows a 5bp cut in December, the first in 20 months.
The central bank also nudged down the five-year PLR by 5bp to 4.6%, the first cut to that rate since April 2020.
Both rates guide the interest charged on private loans, with the five-year PLR influencing mortgage rates.
The
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