Sunday 15 December 2019
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wn.com - 25 days ago

China is ratcheting up its battle to rescue a slumping economy

Hong Kong (CNN Business)China s central bank is further loosening its purse strings as the country grapples with a slumping economy and a prolonged trade war with the United States. On Wednesday, the People s Bank of China cut its new benchmark lending rates by five basis points. The one-year loan prime rate (LPR) dropped to 4.15% from 4.20% in October. The five-year LPR was cut for the first time since it was introduced a few months earlier, going from 4.85% to 4.8%. The cuts are relatively small, and analysts say further reductions could come as China tries to boost the economy while reining in inflation. The LPR, which banks charge corporate clients for new loans, is a new lending...


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