An employee counts Chinese yuan in the personal finance business service area of a bank, in east China's Jiangsu province, on September 15, 2023.
CFOTO | Future release | Good pictures
China's central bank cut its key five-year lending prime rate for the first time since June, extending Beijing's efforts to revive the country's anemic property market.
China's central bank kept its one-year lending prime rate — the peg for most household and corporate loans in China — unchanged at 3.45%. The key five-year mortgage rate — the peg for most mortgages — was cut by 25 basis points to 3.95%. Tuesday for a report From the People's Bank of China.
The cut in the five-year rate was larger in February's monthly fix than expectations for a cut of five to 15 basis points in a Reuters poll of economists.
China's lending prime rates usually move in line with its medium-term policy rate, which the PBOC left unchanged in February on Sunday.
China cut reserve ratio requirements for its banks by 50 basis points from February 5, providing 1 trillion yuan ($139.8 billion) in long-term capital while urging banks to support loans to high-end real estate developers.
This is a growing story. Check back for more updates.
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