BEIJING, 21st October, 2024 (WAM) -- China on Monday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3.1 percent from the previous reading of 3.35 percent.
Xinhua News Agency quoted the National Interbank Funding Centre as saying that the over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.6 percent from 3.85 percent.
The reduction came after the People's Bank of China lowered the interest rate of seven-day reverse repos, a key short-term policy rate, by 20 basis points on Sept. 27, guiding the LPR to move downward.