China cuts key lending rate

The People’s Bank of China lowered one of its key lending rates today (May 20), cutting the five-year loan prime rate by 15 basis points.

The cut takes the rate to 4.45%. In the same announcement, the PBoC kept the one-year loan prime rate unchanged at 3.7%. Earlier this week, it held another of its key rates, on the medium-term lending facility, at 2.85%.

Authorities are still trying to navigate between a slowing economy and an over-leveraged financial sector.

Iris Pang, an economist with

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