SHANGHAI -- China cut a key lending rate on Thursday to lower borrowing costs, as property sales and industrial production weaken while youth joblessness deepens.
The People's Bank of China announced it is trimming the rate on 237 billion yuan ($33 billion) worth of one-year, medium-term lending facility loans to banks by 10 basis points to 2.65%, from 2.75%. The amount of fresh lending exceeds the 200 billion yuan of such loans maturing in June.
