China Cuts Key Interest Rate on Loans to Support Economy

China on Thursday lowered its benchmark loan rate, the benchmark market-based lending rate, in line with market expectations, as authorities ramped up monetary support to inject impetus into economic growth.

The one-year loan prime rate (LPR) was lowered to 3.7%, down from 3.8% the previous month, according to the Interbank National Finance Center.

Meanwhile, the base interest rate on loans over five years, which many lenders rely on to set their mortgage rates, was lowered by 5 basis points to 4.6%.