Coronavirus: China’s benchmark loan rate cut another sign authorities are ‘serious about monetary easing’

China cut its benchmark lending rate as expected on Monday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades.The one-year loan prime rate (LPR) was lowered by 20 basis points to 3.85 per cent from 4.05 per cent previously, while the five-year LPR was cut by 10 basis points to 4.65 per cent from 4.75 per cent.The move was the second cut to the lending benchmark rate this year, and the latest reduction in one of…

from South China Morning Post https://bit.ly/34R9wfL