<h4>China Lowers Borrowing Costs For Companies And Households To Encourage Consumption</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that China&#8217;s central bank has cut key lending rates. This was announced early Tuesday following a monthly meeting.<br />
This includes a mortgage-linked benchmark which is essentially designed to encourage investment and consumption after the country&#8217;s post-pandemic recovery softened over the last five months.<br />
In the new arrangement, the People&#8217;s Bank of China (PBoC) lowered the one-year loan prime rate by 10 basis points to 3.55% from 3.65%, while trimming the five-year rate by 10 basis points to 4.2% from 4.3%. The moves will lower borrowing costs for companies and households.<br />
The last time the PBOC eased the rates was in August 2022 after a two-month COVID-19 lockdown in Shanghai took a toll on the economy.<br />
Key economic indicators, including industrial production and retail spending, slowed in April and May after the world&#8217;s No. 2 economy posted better-than-expected growth of 4.5% in the first quarter. <a href="https://www.vanguardngr.com/">The jobless rate among youth hit a record 20.8% while real estate investment contracted 7.2% in May.</a><br />
Most new and outstanding loans in China are based on the one-year loan prime rate, while the five-year rate influences mortgage pricing. The property sector is reeling from scores of housing projects left unfinished by debt-swamped developers.<br />
Earlier, the Chinese central bank cut the rate on its medium-term lending facility loans to some banks by 10 basis points to 2.65% from 2.75%, while lowering its seven-day reverse repo rate, the key rate at which it supplies short-term liquidity to banks, from 2.00% to 1.90%.</p>
<figure id="attachment_19388" aria-describedby="caption-attachment-19388" style="width: 300px" class="wp-caption alignnone"><img class="size-medium wp-image-19388" src="https://openlife.ng/wp-content/uploads/2023/01/China-president-300x169.jpg" alt="China Lowers Borrowing Costs For Companies And Households To Encourage Consumption" width="300" height="169" /><figcaption id="caption-attachment-19388" class="wp-caption-text"><em><strong>China President, Xi Jinping</strong></em></figcaption></figure>

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