China's central bank slashes key lending rates, including one for the first time since April 2020

China's central bank cut its benchmark lending rates again on Thursday amid concerns about a slowing economy.

They include the five-year rate for the first time since April 2020.

The People's Bank of China slashed the one-year loan prime rate by 10 basis points from 3.8% to 3.7%, Reuters reported. The five-year loan prime rate was reduced by 5 basis points from 4.65% to 4.6%.

Loan prime rates affect the lending rates for corporate and household loans in the country.

Most new and outstanding loans in China are based on the one-year LPR, but the five-year rate influences the pricing of home mortgages, according to the news agency.

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