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China cuts benchmark rate 1st time since pandemic

China cuts benchmark rate 1st time since pandemic
Central bank lowers 1-year loan prime rate by 5 bps to 3.8%, keeps 5-year loan prime rate unchanged at 4.65%

By Tuba Sahin

ANKARA (AA) - The People’s Bank of China on Monday cut its benchmark loan rate for the first time since April 2020 amid mounting economic pressures.

The bank lowered its one-year loan prime rate (LPR) by 5 basis points to 3.8%, down from 3.85%.

The bank decided to keep its five-year LPR unchanged at 4.65%.

In April 2020, the bank had lowered the one-year benchmark loan rate to 3.84% from 4.05%.

LPR, serving as the pricing reference for bank lending, is calculated by the National Interbank Funding Center since August 2019.

source: News Feed
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