China has unveiled unexpected cuts to lending rates days after a top Communist party policy meeting, in a sign of government efforts to boost lagging momentum across the world’s second-largest economy.
The People’s Bank of China announced on Monday that the one-year loan prime rate, widely used as a benchmark for corporate lending, would be lowered 0.1 percentage point to 3.35 per cent, the first such cut since August last year.
The five-year equivalent, which influences mortgage pricing, was also reduced 0.1 percentage point for the first time since February, to 3.85 per cent.
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