It thus continues its efforts to facilitate the recovery of the world’s second largest economy, which is particularly affected by lackluster consumption
OR central bank her China announced today Monday that it proceeded with a new reduction of two of the interest rates of its report, thus continuing its efforts to facilitate the recovery of the world’s second largest economy, which is particularly affected by lackluster consumption.
The annual LPR (Loan Prime Rate), a reference rate for the most preferential loans that banks can offer to businesses and households, was reduced from 3.35% to 3.1%. The five-year LPR, the benchmark mortgage rate, fell from 3.85% to 3.6%.
Both rates were last cut in July and are at historic lows.
China’s central bank’s measures were announced days after China released data that revealed quarterly (Q3) economic growth fell to the lowest level in a year and a half, underscoring the country’s deep economic woes.
Chinese authorities have set a target for annual growth to reach 5% of GDP this year, but achieving that is now in doubt due to weak consumption and a lingering debt crisis in the key real estate sector.
Source: Skai
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