China cuts benchmark lending rates for the first time in 7 months in Beijing’s growth push

A general view of shoppers is seen in a retail store in Shanghai, China, on May 10, 2025, as China’s CPI declines in April amid a trade war. China cut its key lending rates by 10 basis points on Tuesday, as Beijing ramps up efforts to boost its economy at a time when trade tensions threaten to derail growth. The People’s Bank of China trimmed the 1-year loan prime rate to 3.0% from 3.1%, and the 5-year LPR to 3.5% from 3.6%. This marked the first reduction in rates since the central bank’s 25-basis-point cut in October, as Beijing intensifies…