China cuts benchmark lending rate amid economy’s slow COVID recovery

China’s central bank cut its benchmark lending rate Tuesday for the first time in 10 months to shore up the economy in the wake of the far-reaching “zero-COVID” policy and a slowdown due to a slump in exports and high youth unemployment rate.

The People’s Bank of China said it has lowered the one-year loan prime rate by 0.10 percentage point to 3.55 percent. The central bank also said it has reduced the five-year loan prime rate -- the benchmark mortgage interest rate -- by 0.10 point to 4.2 percent, the first cut for either rate since August last year.

The move came as the world’s second-larg...