China’s central bank on Monday lowered the main lending rate (LPR) in an effort to address the economic slowdown of the world’s second-largest economy following COVID-19. The one-year prime loan rate, which serves as a benchmark for corporate loans, has been reduced from 3.55 percent to 3.45 percent, according to the People’s Bank of China (PBoC) in a statement.
China Bank
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Meanwhile, the five-year LPR, used to determine mortgage rates, remained unchanged at 4.2 percent. The closely monitored market situation has led to both rates reaching historic lows, following previous reductions in June.
