Source: China – South China Morning PostChina cut its benchmark lending rate for the first time in almost two years on Monday amid mounting economic pressures.The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – was cut from 3.85 per cent to 3.8 per cent at the December fixing, while the five-year LPR – which is a reference for mortgages – remained at 4.65 per cent, according to the People’s Bank of China (PBOC).The LPR has been considered China’s de facto benchmark funding cost since 2019. The…Read More