| China cuts key interest rate in the latest move to boost its ailing property sector
February 20, 2024--China's central bank announced Tuesday that it cut its 5-year loan prime rate while leaving its 1-year rate unchanged in the latest move to ease pressures on the ailing property market.
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| The 5-year rate was lowered by 0.25 basis points to 3.95% while the 1-year rate remains at 3.45%. It was the first time the 5-year rate was cut since May, and analysts said it was the largest cut on record for that rate. |