In an attempt to stimulate the economy, the Chinese central bank has cut a key interest rate. As the central bank announced on Tuesday, the five-year so-called LPR rate, which affects real estate loans, was reduced from 4.2 to 3.95 percent.
According to the financial news agency Bloomberg, this is the largest interest rate cut since its introduction in 2019. The central bank left the one-year LPR for loans to households and companies at 3.45 percent.
Last year, China’s economy posted growth of 5.2 percent, one of the weakest in three decades. The Chinese leadership has been trying to stimulate economic growth again for months. But the real estate debt crisis, rising youth unemployment and lower global demand for Chinese goods due to inflation continue. (sda/afp)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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