China’s central bank cut two key interest rates on Monday to stimulate its slowing global economy.
The Bank of China announced on its website that the one-year LPR, a reference for the most advantageous rates banks can offer to businesses and households, was cut from 3.45% to 3.35%.
while,…
China’s central bank cut two key interest rates on Monday to stimulate its slowing global economy.
The Bank of China announced on its website that the one-year LPR, a reference for the most advantageous rates banks can offer to businesses and households, was cut from 3.45% to 3.35%.
At the same time, the five-year benchmark interest rate for mortgage loans was cut from 3.95% to 3.85%, the institution added.
Both rates, which had been cut previously in recent months, remain at historically low levels, and the new cut came after a Communist Party meeting in Beijing.
The authorities hope that the cuts will support the economy in the context of the slowdown.
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The Asian giant is facing an unprecedented crisis in its huge real estate sector, weak consumption and high youth unemployment, while geopolitical tensions with the United States and the European Union threaten its exports.
China’s gross domestic product grew 4.7% year-on-year in the second quarter of this year, according to official figures released last week.
The growth was below analysts’ expectations and below the 5.3% economic expansion in the first quarter.
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