China Reduces Key Lending Rates to Boost Economic Growth

The People's Bank of China lowers benchmark rates to support the property market and stimulate consumption.

China's central bank cut the one-year loan prime rate to 3.1% and the five-year rate to 3.6%, marking the third reduction this year.
These rate cuts are part of broader efforts to lower financing costs and support the recovery of credit demand.
The reductions align with the government's strategy to stabilize the property market and encourage investment growth.
Central bank governor Pan Gongsheng indicated potential further cuts to the reserve requirement ratio by year-end.
Recent economic data showed better-than-expected GDP growth, with retail sales and industrial production also improving.