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China cuts lending benchmark rate as economic recovery sputters By Investing.com

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*CHINA CUTS LENDING BENCHMARK RATE AS ECONOMIC RECOVERY SPUTTERS 🇨🇳🇨🇳

Investing.com -- The People’s Bank of China cut its benchmark loan prime rate for the first time in 10 months on Tuesday, moving to increase local stimulus measures as a post-COVID economic recovery in the country ran out of steam. to 3.55% from 3.65%, while the five-year LPR, which is used to determine mortgage rates, was cut to 4.20% from 4.30%.

Tuesday’s cut, which is the first such move by the PBOC since a surprise cut in August 2022, comes as a string of weak indicators pointed to a slowing economic recovery in China over the past two months. The move also puts the LPR at historic lows. Lower interest rates and easier borrowing conditions are also aimed at supporting the property market.

 

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