News Snapshot:
Beijing — China’s central bank has lowered benchmark lending rates and intervened to support the economic slowdown that has been squeezed by the downturn in the real estate market during a politically important year for leader Xi Jinping. The People’s Bank of China announced on Thursday that it has lowered the prime rate for 5-year loans, which is the benchmark for medium- to long-term loans, including mortgages, from 4.65% to 4.60%. This is the first reduction since April 2020. We also lowered the prime rate for one-year loans by 10 basis points to 3.70%. This is the second reduction to...
