China cuts benchmark 5-year lending rate for the first time since June

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HAIAN, CHINA - SEPTEMBER 15, 2023 - A staff member counts Chinese Yuan at a bank's personal finance business service area in Haian, East China's Jiangsu province, Sept 15, 2023. The People's Bank of China announced on September 14 that the People's Bank of China decided to cut the deposit reserve ratio of financial institutions by 0.25 percentage points on September 15, 2023 (excluding financial institutions that have implemented the 5% deposit reserve ratio). After this cut, the weighted average deposit reserve ratio of financial institutions will be about 7.4%. (Photo credit should read CFOTO/Future Publishing via Getty Images)

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China's central bank cut the benchmark five-year loan prime rate for the first time since June, while leaving the one-year tenure unchanged.

The Chinese central bank kept its one-year loan prime rate â the peg for most household and corporate loans in China â unchanged at 3.45%. The benchmark five-year loan rate â the peg for most mortgages â was cut by 25 basis points to 3.95%, according toÂ a statement TuesdayÂ from the People's Bank of China.

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