Economic Buzz: Chinas Central Bank Cut Prime Rate To Support Housing

22 Aug 2022 , 11:23 AM

Chinas Peoples Bank of China (PBoC) lowered the one-year loan prime rate (LPR) by 5bps to 3.65% today. The five-year LPR rate, which is used to price mortgages, was slashed by 15bps to 4.30%. The larger cut is the 5-year rate was seen as for addressing the problems in the housing markets. The asymmetry is also for giving additional boost to long-term financing demand. Powered by Commodity Insights