China: Central bank cuts one-year prime rate to 3%

Milan, 20 May (LaPresse/AP) – The Chinese central bank has cut its prime lending rates for the first time in seven months, a move welcomed by investors eager for further stimulus. The People's Bank of China has reduced the prime lending rate on one-year loans the benchmark rate for determining the price of all new loans and existing variable-rate loans, from 3.1% to 3.00%. It also reduced the prime lending rate on five-year loans from 3.6% to 3.5%.