China’s central bank cuts two key benchmark interest rates

China’s central bank on Tuesday cut two benchmark interest rates, following several similar measures last week in an attempt to counter the post-Covid growth slowdown in the world’s second-largest economy.

The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.65 percent to 3.55 percent, the People’s Bank of China (PBoC) said in a statement, while the five-year LPR, which is used to price mortgages, was cut from 4.3 percent to 4.2 percent.