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China slashes key lending rates to bolster ailing economy
The Straits Times
|October 22, 2024
Loan prime rate cut comes after central bank's Sept push to encourage bank lending
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BEIJING – China cut its benchmark lending rates after the central bank lowered key interest rates at the end of September as part of a series of measures aimed at reviving economic growth and halting a housing market crash.
The one-year loan prime rate (LPR) was cut to 3.1 per cent from 3.35 per cent, while the five-year LPR was reduced to 3.6 per cent from 3.85 per cent.
Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages and other long-term loans.
यह कहानी The Straits Times के October 22, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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