Chinese Banks Cut Main Lending Rate After Surprise PBOC Trim
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Chinese banks cut their main benchmark lending rate for the first time since August 2023, ramping up support for economic growth following the PBOC’s rate reduction.
The one-year loan prime rate was reduced to 3.35% from 3.45% previously, according to a statement by the People’s Bank of China on Monday. The five-year rate, a reference for mortgages, was lowered to 3.85% from 3.95%.