The People's Bank of China unexpectedly cut its key lending rates to a record low as recent signs of a slowing economic recovery led to renewed calls for stimulus. About this write investing.com.
The regulator cut the annual base lending rate from 3,45% to 3,35%, defying expectations that the rate would remain unchanged. The 5-year prime lending rate, which is used to determine mortgage loan prices, was lowered from 3,95% to 3,85%.
The rate cut came just a week after weaker-than-expected second-quarter GDP data fueled fears of a slowdown in economic growth. The data, which followed a series of middling economic reports from China, led to increased calls for Beijing to take more measures to stimulate the economy.
Chinese officials also promised more stimulus measures during the Third Plenum of the Chinese Communist Party last week.
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