BEIJING – China further reduced bank lending costs Thursday in the latest move to boost its stuttering economy, providing some much-needed support to the country’s beleaguered developers.
Property firm shares and bonds surged on the fresh rate cut from People’s Bank of China — the second in two months — days after Beijing reported slower growth in the final months of 2021.
The slowing real estate industry has put downward pressure on growth, with several large companies including debt-laden development giant Evergrande defaulting in recent months.
The central bank said it had lowered the one-year loan prime rate (LPR) to 3.7 percent, from 3.8 percent in December.
It had reduced the LPR — which…
