China cuts benchmark lending rate amid economic downturn fears

Economy

China's central bank cut its benchmark lending rate Monday for the first time in seven months to shore up the country's slowing economy amid restrictions under its radical "zero-COVID" policy to stem the novel coronavirus outbreak and a property market slump. The People's Bank of China said it had lowered the one-year loan prime rate by 0.05 percentage point to 3.65 percent. The central bank also said it had reduced the five-year loan prime rate -- the benchmark mortgage interest rate -- by 0.15 point to 4.30 percent, the first cut since May. The move came as the world's second-largest economy...

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