China cuts benchmark loan rate for first time in almost 2 years

China cut its benchmark lending rate for the first time in almost two years on Monday providing support to an economy showing strain from a property slump and sporadic coronavirus virus outbreaks.The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – was cut from 3.85 per cent to 3.8 per cent at the December fixing, while the five-year LPR – which is a reference for mortgages – remained at 4.65 per cent, according to the People’s Bank of China (PBOC).The LPR…

Stay connected with us on social media platform for instant update click here to join our T witter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here

Read original article here

Denial of responsibility! Rapidtelecast.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.