China has cut its benchmark rate for mortgage lending for the first time in nearly two years, adding to a cycle of gradual monetary easing as policymakers seek to counter a loss of economic momentum.
The five-year loan prime rate, which is typically used to price mortgages, was lowered from 4.65 per cent to 4.6 per cent on Thursday. The one-year equivalent, widely used for other forms of lending, was cut from 3.8 per cent to 3.7 per cent, following a previous reduction in December.
The measures were expected following a People’s Bank of China press conference on Tuesday at which officials hinted at further easing against the backdrop of a weakening economy.
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