loan rate cut

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. Photo: Reuters
Global Economy

China cuts loan rate as it battles coronavirus impact

The one-year LPR was lowered to 4.05 percent from 4.15 percent while the five-year LPR — on which many lenders base their mortgage rates — was also lowered to 4.75 percent from 4.8 percent