China cuts market-based benchmark lending rates

emirates7 - According to People's Daily Online, China reduced its market-based benchmark lending rates on Tuesday. The one-year loan prime rate (LPR) was decreased from 3.1 percent to 3 percent.

Meanwhile, the over-five-year LPR—which serves as a reference for many mortgage loans—was cut from 3.6 percent to 3.5 percent, as reported by the National Interbank Funding Centre.