China cuts benchmark lending rates for the first time in 20 months

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China recently lowered its lending benchmark loan prime rate (LPR) for the first time in 20 months to help slow economic growth, despite being wary of slackening of the highly leveraged real estate market. The one-year LPR fell 5 basis points from the previous 3.85 percent to 3.8 percent, while the five-year LPR remained at 4.65 percent.

Most new and unpaid loans in China are based on a one-year LPR, but five-year interest rates affect mortgage pricing.

According to the global newswire, the widely-anticipated move to lower LPR means a difference in China’s monetary policy from other major central banks seeking to raise interest rates.

China recently lowered its lending benchmark loan prime rate (LPR) for the first time in 20 months to help slow economic growth, despite being wary of slackening of the highly leveraged real estate market. The one-year LPR fell 5 basis points from the previous 3.85 percent to 3.8 percent, while the five-year LPR remained at 4.65 percent.

Some analysts expect Beijing to ease further to stop the economic slowdown, but the easing trajectory remains divided, officials’ reports added.

Meanwhile, on Tuesday, the central bank injected a total of 20 billion yuan into the banking system through a reverse repo. According to the People’s Bank of China, this amount includes 10 billion yuan at a 2.2% interest rate and another 10 billion yuan at a 2.35% interest rate.

Fiber2Fashion News Desk (DS)

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China cuts benchmark lending rates for the first time in 20 months

Source link China cuts benchmark lending rates for the first time in 20 months

The post China cuts benchmark lending rates for the first time in 20 months appeared first on Eminetra.

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