The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.7% to 3.65%, the People's Bank of China (PBOC) said in a statement.
BEIJING - China's central bank on Monday cut benchmark loan rates in an attempt to boost an economy battered by the government's strict zero-COVID policy and a slump in the property market.
Analysts had expected cuts to the LPR rates, but said they may not be enough to rescue the property sector - which is estimated to account for as much as a quarter of China's GDP. "However, homebuyers with existing mortgages will have to wait until the start of next year for the change to affect them."
With property firms struggling to manage mountains of debt, fears have swirled since last year that the sector's troubles could spread to the rest of the economy.
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