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SHANGHAI: China lowered mortgage lending benchmark rates on Thursday as monetary authorities step up efforts to prop up the slowing economy, after data earlier in the week pointed to a darkening outlook for the country's troubled property sector.
The loan prime rate (LPR) for January 2022 released by the National Inter-bank Lending Center on Thursday showed 5 basis points cut in the 5-year LPR to 4.6%, the first cut since April 2020.
China on Thursday cut the market-based benchmark lending rate in a bid to shore up growth.
Just days after China cut a major interest rate for central bank lending to big commercial banks, and hours after central bank officials delivered a clear signal about monetary easing through promises of opening the monetary policy toolbox wider, the country took one further step toward capital easing by cutting the loan prime rate (LPR), the de facto benchmark lending rate, both in five-year and one-year terms, on Thursday.
China on Thursday cut the market-based benchmark lending rate in a bid to shore up growth.