- cross-posted to:
- worldnews@lemmy.ml
- genzedong
- cross-posted to:
- worldnews@lemmy.ml
- genzedong
The People’s Bank of China is aiming to revive growth by slashing the country’s lending rate and mortgage reference on Monday.
The one-year loan prime rate was lowered by 5 basis points to 3.65% at the central bank’s monthly fixing, while the five-year rates were slashed by 15 points to 4.30%.
The fresh move comes on the heels of last week’s economy-boosting measures amid worries about China’s property market and the resurgence of Covid-19 in the country.
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This combined with the fact that China already has one of the highest rates of home ownership (not mortgaged, outright owned).
