China cuts key interest rate to support economy

China's central bank on Monday cut a key interest rate in an attempt to counter the post-Covid growth slowdown in the world's second-largest economy. The one-year loan prime rate, which serves as a benchmark for corporate loans, was reduced from 3.55 percent to 3.45 percent, the People's Bank of China (PBoC) said in a statement, while the five-year LPR, which is used to price mortgages, was held at 4.2 percent.

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