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China's central bank cuts key interest rates to historic lows to stimulate economy
Posted on October 21, 2024 |
China’s central bank cut 2 key interest rates to historic lows on Monday to help boost its struggling economy and increase consumer spending.
The one-year Loan Prime Rate (LPR) dropped from 3.35% to 3.1%, and the five-year LPR, which serves as a benchmark for mortgage loans, fell from 3.85% to 3.6%.
These cuts follow China's slowest quarterly growth in a year and a half, highlighting significant economic difficulties.
Although China aims for a 5% annual growth rate this year, leaders believe this target is unrealistic due to weak demand and a prolonged debt crisis in the property sector.
In addition, major banks in China have reduced rates on yuan deposits for the second time this year to encourage more spending.