Economy, Asia - Pacific

China lowers 5-year loan prime rate by 25 basis points

Country aims to reduce financial costs to shore up credit and property markets

Gokhan Ergocun  | 20.02.2024 - Update : 20.02.2024
China lowers 5-year loan prime rate by 25 basis points

ISTANBUL 

The People's Bank of China (PBoC) decreased China's five-year loan prime rate (LPR) by 25 basis points, from 4.2% to 3.95%, on Tuesday.

The one-year LPR was unchanged at 3.45%, according to the state-run news outlet Xinhua.

"The reduction in the over-five-year rate was within expectation, but the extent exceeded market expectation, analysts said, noting that the 25-basis-point drop marks the largest in recent years," it said.

The country aims to shore up credit and property markets by lowering the rate, which reduces financial costs, it added.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
Related topics
Bu haberi paylaşın