News Snapshot:
China cut its benchmark lending rates for a second straight month, after the central bank lowered the borrowing costs on medium-term loans earlier this week, in a bid to support a slowing economy facing a fresh wave of coronavirus cases and reeling from a string of regulatory crackdowns. The People's Bank of China said Thursday that it cut the one-year loan prime rate to 3.70%, 10 basis points lower than last month's 3.80% level. The five-year loan prime rate was lowered to 4.60%, from 4.65%. It is the first time in 21 months that China has cut the two rates...
