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.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
by Renju Jaya
For comments and feedback: contact editorial@rttnews.com