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Beijing sends strong policy easing signals, cuts mortgage reference rate for first time in 2 years
The People's Bank of China (PBOC), the country's central bank, announced the 1-year loan prime rate (LPR) was cut by 10 basis points to 3.70 per cent, from 3.80 per cent. Most new and outstanding loans in China are based on the 1-year LPR.
The 5-year LPR — which influences the pricing of mortgages — was reduced by 5 basis points to 4.60 per cent from 4.65 per cent — the first reduction since April 2020.
