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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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.