China keeps cutting critical lending rates to address its economic woes
CNN
China keeps slashing lending rates as authorities ramp up their efforts to stave off a sharp economic slowdown.
The People's Bank of China on Thursday cut its one-year loan prime rate by 10 basis points to 3.7%, the second cut to the rate in a month. December's cut was the first time the central bank touched the benchmark lending rate since April 2020, when China was in the throes of the initial coronavirus outbreak.
The central bank also trimmed its five-year loan prime rate by five basis points to 4.6%, the first cut to that rate since April 2020.
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