SHANGHAI -- China's central bank cut key lending rates Tuesday, including a mortgage-linked benchmark, in a widely expected move to spur investment and consumption after the country's post-pandemic recovery softened over the last five months.
Following a monthly meeting, the People's Bank of China (PBOC) lowered the one-year loan prime rate by 10 basis points to 3.55% from 3.65%, while trimming the five-year rate by 10 basis points to 4.2% from 4.3%. The moves will lower borrowing costs for companies and households.
