1- and 5-year loan prime rates lowered by 10 basis points each
The People’s Bank of China cut two more key lending rates on Tuesday for the first time in 10 months.
The one-year and five-year loan prime rates were slashed by 10 basis points each to 3.55% and 4.20%, respectively.
The move followed two monetary easing moves last week as the post-COVID recovery lost momentum. The bank had lowered its one-year medium-term lending rate,and also reduced its seven-day reverse repurchase rate.
