China Cuts Interest Rates As Economy Stalls

Benzinga 2023-06-21

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China's central bank has cut key interest rates for loans issued by state-controlled banks, in a sign of growing concern that the country's economy is stalling. The interest rate cut was small, at a tenth of a percentage point, for the country's benchmark one-year and five-year interest rates for loans. However, almost all of the country's corporate lending and mortgages are linked to the two rates so the reductions could affect the overall pace of economic growth. Investors were underwhelmed by the central bank's rate cuts, with share prices in Hong Kong and Shanghai slipping on Tuesday.

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