Chinese Banks Cut Benchmark Lending Rates After PBOC Easing

Chinese banks lowered their benchmark lending rates for the first time in seven months, in a move telegraphed by officials when they eased monetary policy to counter US tariffs.

The one-year loan prime rate was lowered to 3% from 3.1% previously, according to a statement from the People’s Bank of China on Tuesday. That’s in line with the consensus forecast for a 10-basis-point reduction by economists polled by Bloomberg.