The cut to the one-year and five-year loan prime rates followed surprise cuts by China's central bank on Monday to its short- and medium-term lending rates, and came days after the central bank's vice governor flagged more moves ahead.
At a monthly fixing on Thursday, China lowered its one-year loan prime rate by 10 basis points to 3.70% from 3.80%. The five-year LPR was reduced by 5 basis points to 4.60% from 4.65%, its first cut since April 2020. The cut to the 5-year rate suggested that"the Chinese authorities are keen to lower the cost of credit lending, so total credit growth is expected to rebound after the Spring Festival to ease the pressure on macro economy," said Marco Sun, chief financial analyst at MUFG.
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