China cuts key lending rate
Authorities acknowledge “complex and severe environment” as they step up support
The People’s Bank of China lowered one of its key lending rates today (May 20), cutting the five-year loan prime rate by 15 basis points.
The cut takes the rate to 4.45%. In the same announcement, the PBoC kept the one-year loan prime rate unchanged at 3.7%. Earlier this week, it held another of its key rates, on the medium-term lending facility, at 2.85%.
Authorities are still trying to navigate between a slowing economy and an over-leveraged financial sector.
Iris Pang, an economist with
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