May 20, 2022 - 12:14 PM 249 views
China sets a one-year loan prime rate of 3.70%, up from 3.70% a month ago.
A month prior, China fixed a loan prime rate at 4.60% and now it is at 4.45%.
Reduces the 5-year lpr (Loan Primer Rate) by 15 basis points (bps).
This was followed by an additional cut in mortgage loan interest rates for a few home buyers in yet another attempt to prop up their property market and boost the world's second-largest economy's weakening engine.
Besides, to release more funds for lending, the Central Bank in the previous month lowered the amount of cash that the money lender had kept aside as reserves. More modest and simple techniques are predicted as senior authorities are promised to pile out more monetary policies to support the economy.
The Australian dollar has had a modest purchase surrounding the developments, although it is still 0.2 percent behind the dollar on the day at 0.7030.