BEIJING: China on Wednesday cut interest rates in a bid to shore up the world’s No 2 economy as cooling domestic demand and a bruising trade spat with the United States hit growth.
The five-year LPR – on which many lenders base their mortgage rates – was also lowered to 4.8% from 4.85%. The LPR cut is the latest in a series of measures used to reduce borrowing costs as China attempts to free up funds for credit-starved parts of the economy.
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