Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing in China.
BEIJING: China on Friday announced it would cut a key interest rate in a boost to home buyers and debt-mired developers as the country’s economy is slowed by Covid-19 restrictions ripping across major cities.
Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing in the last major economy welded to a zero-Covid approach to the pandemic.
The five-year loan prime rate (LPR) — which many lenders base their mortgage rates — was trimmed to 4.45% from 4.6%, China’s central bank said on Friday.
Since the rate is “the benchmark for pricing most mortgages, we think the move is aimed at…
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