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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by Renju Jaya
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