China Cuts Key Rates as Economy Struggles

Rate cuts aim to boost consumption and loan growth

- Beijing/Shanghai, May 20

CHINA CUT BENCHMARK lending rates for the first time since October on Tuesday, while major state banks lowered deposit rates as authorities work to ease monetary policy to help buffer the economy from the impact of the Sino-US trade war.

The widely expected rate cuts are aimed at stimulating consumption and loan growth as the world's No. 2 economy softens, while still protecting commercial lenders' shrinking profit margins.