Chinese lenders have cut the country's benchmark lending rate in the latest bid to prop up the country’s coronavirus-hit economy.
Major lenders on Monday reduced the one-year loan prime rate — a key lending rate used across China’s financial system — by 0.2 percentage points to 3.85 per cent.
The reduction had been expected following the Chinese central bank’s own cut last week to the medium-term lending rate, which serves as the LPR’s floor.
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