The People’s Bank of China has announced a reduction in the one-year loan prime rate from 3.35% to 3.1%, along with a cut in the five-year rate from 3.85% to 3.6%. These cuts are part of a broader strategy to stimulate economic growth and stabilize the housing market, reflecting a quicker easing of monetary policy emphasized by the central bank's previous interest rate decisions.
Becky Liu from Standard Chartered noted that the recent rate cuts affirm the central bank's accelerated approach to easing monetary policy, aligning with the Politburo's directive to implement more aggressive measures to support the economy. The adjustments in lending rates aim to alleviate financial pressures on businesses and consumers.
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