China has kept the interest rate on one-year loans unchanged at 3.70%.as reported by the People’s Bank of China.
The entity has lowered the prime rate on 5-year loans by 15 basis pointsreducing it to 4.45%compared to 4.60% the previous month.
This follows a further cut in mortgage interest rates for some homebuyers, in a new push to prop up their housing market and revive a weakened engine in the world’s second-largest economy.
Also, to free up more funds for loans, the central bank last month cut the amount of cash lenders must set aside as reserves. More modest easing measures are expected as the authorities promise to put in place more policies to support the broader economy.
Source: Fx Street
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