China reduced its benchmark lending rates to reduce the interest burden of existing loans, and in turn to ease the pressure on the housing market and the faltering economy.
The People's Bank of China lowered its five-year loan prime rate, or LPR, the benchmark for mortgage rates, by 15 basis points to 4.30 percent from 4.45 percent. The bank had last lowered the 5-year LPR by 15 basis points in May and five basis points in January.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.