Most household and corporate loans in China are based on the PBOC’s one-year loan prime rate, while mortgages are pegged to the five-year rate.
China's central bank cut its one-year loan prime rate Monday, the second time in three months it has done so, underscoring the urgency of bolstering growth in the world's second-largest economy.cut these rates was in JuneMost household and corporate loans in China are based on the PBOC's one-year loan prime rate, while mortgages are pegged to the five-year rate.
Default risks in real estate and missed payments on some shadow banking-linked trust products are further spooking investors and policymakers. The PBOC had lowered the rate on 401 billion yuan worth of one-year medium-term lending facility loans to some financial institutions by 15 basis points to 2.50% from 2.65% previously. Overnight, seven-day, and one-month standing lending facility rates were each trimmed by 10 basis points to 2.65%, 2.8% and 3.15%, respectively.
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