The PBOC has cut its five-year loan prime rate to 4.30% from 4.45% and its one year- loan prime rate to 3.65% from 3.70%.
China has cut its key lending rates again a week after it surprised by slashing rates.
China's central bank today cut its five-year loan prime rate to 4.30% from 4.45% and its one year- loan prime rate to 3.65% from 3.70%. Last week, the People's Bank of China lowered the rate of one-year medium-term lending facility loans to some financial institutions by 10 basis points.in a surprise move.
The moves are seen as an attempt to revive credit demand and fire up the economy hurt by extended Covid lockdowns and property debt problems. The People's Bank of China cut its five-year loan prime rate by 15 basis points to 4.30% from 4.45%, and lowered its one-year loan prime rate by 5 basis points to 3.65%.
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