🚨China cuts loan prime rate to boost slowing economy ⬇
The People’s Bank of China (PBOC) has unexpectedly cut its benchmark loan prime rates to record lows due to signs of a slowing economic recovery. The one-year loan prime rate was reduced to 3.35% from 3.45%, and the five-year LPR, which affects mortgage prices, was lowered to 3.85% from 3.95%. These cuts follow weak second-quarter GDP data and other lackluster economic reports, prompting calls for more stimulus. Additionally, the PBOC reduced its seven-day reverse repo rate to 1.7% from 1.8%, further easing monetary conditions. The five-year rate cut aims to support the struggling property market, while the one-year rate cut impacts most new and outstanding loans.
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Edited 22 Jul 2024, 10:11
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