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China cuts benchmark lending rate to prop up virus-hit economy
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China cuts benchmark lending rate to prop up virus-hit economy

Views:0     Author:Site Editor     Publish Time: 2020-02-28      Origin:Site

China cut the benchmark lending rate on Thursday, as widely expected, as the authorities move to lower financing costs for businesses and support an economy jolted by a severe coronavirus outbreak.

The epidemic has disrupted global supply chains and caused widespread disruption to businesses and factory activity in China, prompting authorities to deliver a steady stream of policy measures over recent weeks to cushion the blow to growth.

The one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing.

The five-year LPR was lowered by 5 basis points to 4.75% from 4.80%.


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