China's Central Bank Cuts Key Mortgage Rate to Boost Property Funding
TL;DR Summary
China's central bank has cut its benchmark five-year loan prime rate for the first time since June in an effort to boost the country's sluggish property market. The one-year loan prime rate remains unchanged at 3.45%, while the five-year rate, which affects most mortgages, has been reduced by 25 basis points to 3.95%. This move follows recent efforts by the People's Bank of China to provide long-term capital and encourage banks to support loans for high-quality real estate developers.
- China boosts property funding with first cut in key loan rate since June CNBC
- PBOC Rate CUT ___ (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%) ForexLive
- China Leaves Key Rate Steady as Yuan Limits Maneuvering Room Bloomberg
- China cuts key mortgage rate for first time since June to prop up economy South China Morning Post
- China’s central bank conducts net fund injections via MLF loans for 15th straight month Global Times
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
1 min
vs 2 min read
Condensed
61%
203 → 79 words
Want the full story? Read the original article
Read on CNBC