Chinese banks cut borrowing costs as PBOC signals easing | The Edge Markets

– A + A BEIJING (Jan 20): Chinese lenders lowered borrowing costs for a second straight month after the central bank cut policy loan rates and pledged more easing to stabilise the economy. The one-year loan prime rate (LPR) was cut by 10 basis points to 3.7% on Thursday, in line with forecasts in a Bloomberg survey of economists. The five-year rate, a reference for long-term loans including mortgages, was lowered by five basis points to 4.6%, a smaller reduction than predicted. The LPRs, which are the de facto benchmark lending rates, are based on quotes that 18 banks offer…