News Snapshot:
The central bank also cut its five-year prime rate by five basis points to 4.6%, the first rate cut since April 2020. China ’s prime lending rate is the rate at which commercial banks lend to their best customers, and it serves as a benchmark rate for other loans . The one-year term influences new loans and outstanding loans that need to be repaid in a shorter time. The five-year, meanwhile, generally serves as a reference for mortgages. China ’s GDP grew 8.1% in 2021, according to government figures released earlier this week, but the pace slumped in the last...
