News Snapshot:
China today announced it would cut a key interest rate in a boost to home buyers and debt-mired developers as the country's economy is slowed by Covid-19 restrictions ripping across major cities. Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing in the last major economy welded to a zero-Covid approach to the pandemic. The five-year loan prime rate (LPR) - which many lenders base their mortgage rates - was trimmed to 4.45% from 4.6%, China's central bank said today. Since the rate is "the benchmark for pricing most mortgages, we think the move is aimed at...
