SHANGHAI -- China's central bank on Monday cut its benchmark lending rate for the first time in 20 months, responding to a slowing economy.
The People's Bank of China reduced the one-year loan prime rate, or LPR, to 3.8%, down from 3.85%, at its December meeting. The cut, which sent Asian stock markets reeling, came after the PBOC decreased the reserve requirement ratio imposed on commercial banks by 0.5% earlier this month, the second reduction this year.
