In a bid to support the struggling economy, the People's Bank of China lowered its benchmark rate on Tuesday after reducing other major policy rates earlier this month, while most of its global peers are still pursuing the tightening mode to keep a lid on inflation.
The central bank cut its one-year loan prime rate, or LPR, to 3.55 percent from 3.65 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was lowered to 4.20 percent from 4.30 percent.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.