China’s central bank on Tuesday cut two benchmark interest rates, following several similar measures last week in an attempt to counter the post-Covid growth slowdown in the world’s second-largest economy.
The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.65 percent to 3.55 percent, the People’s Bank of China (PBoC) said in a statement, while the five-year LPR, which is used to price mortgages, was cut from 4.3 percent to 4.2 percent.
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