China cuts market-based benchmark lending rates
BEIJING, Oct. 21 (Xinhua) -- China on Monday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3.1 percent from the previous reading of 3.35 percent.
The over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.6 percent from 3.85 percent, according to the National Interbank Funding Center.
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