Key Points
China's central bank on Tuesday cut a key benchmark lending rate used to price mortgages, as Beijing seeks to boost flagging growth and counter rate hikes in other major economies...
The five-year loan prime rate (LPR) was lowered from 4.2 to 3.95, the People's Bank of China announced..
The one-year LPR, which serves as a benchmark for corporate loans, remained unchanged at 3.45 percent...
China last year recorded one of its worst annual rates of growth since 1990, dampening hopes for a rapid economic recovery following the end of draconian Covid restrictions in late 2022...
Officials have struggled for months to kickstart economic growth as they battle a range of headwinds, including a prolonged property-sector crisis, soaring youth unemployment and a global slowdown that has hammered demand for Chinese goods...
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