BEIJING (AFP) – China’s central bank on Monday cut two benchmark interest rates in a bid to boost lagging growth in the world’s second-largest economy.
The one-year LPR, which constitutes the benchmark for the most advantageous rates that banks can offer to businesses and households, was cut from 3.45 per cent to 3.35 per cent. The five-year rate, the benchmark for mortgage loans, was lowered from 3.95 per cent to 3.85 per cent, the central bank announced on its official website.
