China unveiled some of its biggest cuts to benchmark lending rates in years as the government stepped up efforts to reboot the economy and hit its year-end target of about 5 per cent GDP growth.
The People’s Bank of China said on Monday that the country’s one-year loan prime rate would be reduced to 3.1 per cent from 3.35 per cent, the biggest reduction on record, and the five-year LPR would be cut to 3.6 per cent from 3.85 per cent.
The rates have acted as the underlying reference for consumer or business loans and mortgages, respectively, since 2019. They were last cut in July and follow a blitz of easing measures announced in late September that mark the government’s most forceful intervention since the pandemic.
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