China's central bank unexpectedly lowered its lending rates for long-term loans, a move that is set to prop up lending to the property market.
The five-year loan prime rate, or LPR, the benchmark for mortgage rates, was lowered by a record 15 basis points to 4.45 percent from 4.60 percent, the People's Bank of China said Friday. This was the second reduction this year.
At the same time, the one-year LPR was retained at 3.70 percent. The previous change in this rate was a five basis points cut 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.