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China cuts rates again to shore up stumbling economy

Central bank lowers one-year loan prime rate to 3.65% from 3.7%

Chinese policymakers are taking steps to shore up an economy battered by repeated COVID-19 lockdowns and a property market crisis.   © Reuters

SHANGHAI -- China's central bank cut interest rates again on Monday, including a key mortgage-linked benchmark, as policymakers scramble to shore up an economy battered by a crisis in the property market and repeated COVID-19 lockdowns.

After a monthly meeting, the People's Bank of China (PBOC) lowered the one-year loan prime rate by 5 basis points to 3.65% from 3.7%, while the five-year rate was cut by 15 basis points to 4.3% from 4.45%, reducing the cost of payments on existing loans.

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