China's central bank cuts benchmark lending rate for the first time since June

Posted on:
Key Points

Chinas central bank on Tuesday cut a key benchmark lending rate used to price mortgages in a move to boost economic growth..

The Peoples Bank of China cut the five-year loan prime rate (LPR) to 3.95% from 4.2%, while the one-year LPR, which serves as a benchmark for corporate loans, was kept unchanged at 3.45%..

The five-year LPR was last cut in June, while the one-year rate was last lowered in August..

Chinas central banks move to cut the lending rate is aimed at encouraging commercial banks to grant more credit and at more advantageous rates..

In January, consumer prices fell at their quickest rate in more than 14 years, raising pressure on the government for more aggressive moves to revive the countrys battered economy. ..

You might be interested in

Russian banks made record $37 billion in profits in 2023

30, Jan, 24

Russian banks recorded record profits of 3.3 trillion roubles ($36.96 billion) in 2023, rebounding from the sanctions-induced slump in 2022. The recov

China central bank cuts rates to boost economic recovery; a second rate cut in three months

15, Aug, 23

This is the second rate cut by China’s central bank in three months, in its efforts to boost economic recovery by stepping up monetary easing.