China's central bank cuts its benchmark mortgage interest rate for the first time in eight months to shore up the real estate market amid a prolonged property crisis in the world's second-largest economy.
China has left its one-year loan prime rate (LPR) at 3.7 per cent, while the five-year LPR used for mortgages was unchanged at 4.6 per cent, showing a more cautious approach to supporting the economy.
China’s one-year loan prime rate (LPR) remained unchanged at 3.70 per cent, the People’s Bank of China (PBOC) said on Monday, while the five-year LPR also remained unchanged at 4.65 per cent.