China-Prime lending rate lowered to counter economic slowdown – 08/22/2022 at 03:42

SHANGHAI, Aug 22 ( – China cut its prime lending rate (TPP) on Monday, adding monetary easing to those taken last week as it seeks to boost credit demand in the face of the economic downturn caused by the real estate crisis and the resurgence of the COVID-19 epidemic.

The People’s Bank of China (PBOC) has set the TPP at one year

CNYLPR1Y=CFXS at 3.65%, from 3.70% previously, while it cut 15 basis points from the five-year TPP

CNYLPR5Y=CFXS , now at 4.30%.

A survey last week indicated that most analysts polled were expecting a 10 basis point decline in the TPP year on year, with all expecting a reduction in the TPP over five years.

(Report Winni Zhou and Brenda Goh; French version Jean Terzian)

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