News Snapshot:
20/05/2022 07:17 FACEBOOK TWITTER LINKEDIN The People’s Bank of China – central bank of China – confirmed the one-year loan prime rate (LPR) at 3.7%, while cutting the five-year rate from 4.6% to 4.45%. The reduction, equal to 15 basis points, is the strongest since 2019. LPR rates are the benchmark lending rates that are set monthly by 18 Chinese banks. The expansionary move clearly reflects the intention of the Chinese central bank to intervene in support of the country’s economy which, according to economists, will suffer a contraction in the current quarter, due to the lockdown measures that the...
