The Central Bank of China cut the annual rate for first-class borrowers for the first time since August
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The People’s Bank of China cut its annual prime rate (LPR) by 0.1 percentage points to 3.55%. The last time she decreased in August 2022. Interest on loans for five years fell to 4.2% – also for the first time in 10 months.
LPR affects the level of payments on issued and new loans. In 2022, the indicator was adjusted once by 0.05 percentage points. Under the first-class borrowers, we mean enterprises with a stable financial condition and a high rating. The five-year debt rate, among other things, determines the cost of a mortgage loan.
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