April 13, 2024

Brighton Journal

Complete News World

China boosts real estate financing with first rate cut on prime loans since June

China boosts real estate financing with first rate cut on prime loans since June

An employee counts Chinese yuan at the bank's personal finance business service area in Hai'an, east China's Jiangsu province, on September 15, 2023.

kvoto | Future Publishing | Getty Images

Chinese lenders cut their key interest rate on five-year loans for the first time since June, expanding Beijing's efforts to revive the country's weak real estate market.

China's central bank left its key one-year loan rate – the peg for most household and business loans in China – unchanged at 3.45%. The benchmark five-year loan rate – the peg for most mortgages – was cut by 25 basis points to 3.95%, according to To Tuesday's statement From the People's Bank of China.