China slashes mortgage lending rate by record
5-year loan prime rate cut by 15 basis points to 4.45% from 4.6%
China on Friday cut a key interest rate for long-term loans for the second time this year, part of a push to overcome the impact of stringent COVID-19 lockdowns and a downturn in the property sector.
The five-year loan prime rate, a reference for mortgages, was lowered by 15 basis points to 4.45% from 4.6%, the People’s Bank of China said in a statement.
This was the largest cut since the rate was revamped in 2019.
The one-year loan prime rate, the benchmark lending rate, was kept unchanged at 3.7%.Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.