China cuts benchmark loan rate for first time in almost 2 years amid mounting economic pressures

China cut its benchmark lending rate for the first time in almost two years on Monday amid mounting economic pressures.The one-year loan prime rate (LPR) was cut from 3.85 per cent to 3.8 per cent, while the five-year LPR – which is a reference for mortgages – remained at 4.65 per cent, according to the People’s Bank of China (PBOC).The LPR has been considered China’s de facto benchmark funding cost since 2019. The rate is decided by a group of 18 banks and is reported in the form of a spread…

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