China cuts loan prime rate slightly more than expected
Investing.com-- The People’s Bank of China cut its benchmark loan prime rate by slightly more than expected on Monday, with the cut coming amid a flurry of measures from Beijing to shore up economic growth., which determines mortgage rates, was cut to 3.60% from 3.85%, against expectations for a cut to 3.65%. The PBOC had last cut rates in July.
The rate cut was largely telegraphed by Chinese authorities, and is the latest in a line of sweeping stimulus measures aimed at shoring up economic growth. The past month saw Beijing unveil its most targeted measures yet at supporting growth. But the measures inspired middling investor confidence, given that Beijing did not provide details on the implementation, timing and scale of the planned measures.
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