Beijing-Sana
China today lowered its market-based core lending rate in a bid to support growth.
Xinhua reported that the basic loan rate, which is a reference for the best rates that banks can offer to companies and families, was reduced to 3.65 percent, while the basic interest rate on loans for more than five years, the reference rate for mortgage loans, was reduced by 15 basis points to 4.3 percent.
The move came on the heels of the cut in interest rates for loans for more than five years last May.
The data that is issued monthly is a reference pricing rate for banks and is based on the rates of open market operations of the Central Bank, especially the medium-term lending facility rate.
China's central bank cut interest rates on its loans under the medium-term lending facility by 10 basis points last week, the second such step this year.
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