PBOC cuts benchmark lending rates as expected
By Michele Maatouk
Date: Monday 21 Oct 2024
(Sharecast News) - The People's Bank of China said on Monday that it was cutting its two benchmark lending rates by 25 basis points.
The one-year and five-year loan prime rates were reduced from 3.35% and 3.85% to 3.10% and 3.6%, respectively, in line with market expectations.
Danske Bank said: "This comes as China seeks to support growth and stabilize the faltering property sector. The one-year LPR primarily affects corporate loans and most household loans, whereas the five-year LPR serves as a benchmark for mortgage rates."
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