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