China lowers benchmark lending rates for first time since October
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FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
SHANGHAI (Reuters) - China cut benchmark lending rates for the first time since October on Tuesday, after Beijing announced sweeping monetary easing measures earlier this month to support the broad economy.
The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.0% from 3.1% previously, while the five-year LPR was reduced by the same margin to 3.5% from 3.6%.
Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.
Chinese authorities have announced a raft of stimulus measures, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States.
(Reporting by Shanghai Newsroom; Editing by Jacqueline Wong)
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