Chinese Banks Slash Lending Rates to Bolster Ailing Economy
- Size of cuts beat expectations but within PBOC forecast range
- Markets look to further monetary easing following rate cuts
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Chinese banks cut their benchmark lending rates after easing by the central bank at the end of September, part of a series of measures aimed at reviving economic growth and halting a housing market slump.
The one-year loan prime rate was lowered to 3.10% from 3.35%, while the five-year LPR was reduced to 3.60% from 3.85%.