China has made a record cut to a mortgage-linked loan rate as policymakers roll out more targeted support to the country’s ailing property sector.
The People’s Bank of China announced on Tuesday that the benchmark five-year loan prime rate, which affects borrowing costs for households, was lowered from 4.2 per cent to 3.95 per cent. The 0.25 percentage point cut was the largest reduction of the benchmark rate since it was introduced in 2019 and exceeded analysts’ expectations of a 0.1 percentage point cut.
The one-year LPR, which is tied to business loans, remained steady at 3.45 per cent.
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