China on Friday slashed a key interest rate to rescue its slumping housing market and head off a major downturn in the world's second largest economy
The People's Bank of China cut its five-year loan prime rate by 15 basis points to 4.45%, the second reduction this year and the largest on record. Most analysts had expected a cut of five basis points. China's LPR is the rate at which commercial banks lend to their best customers. It serves as the benchmark for other loans and the five-year maturity is typically used as a reference for mortgages.A real estate development in Qingzhou, Shandong Province.
Covid has hit China's economy harder than expectedThe Chinese economy could shrink in the second quarter, as Covid lockdowns wreak havoc on activity. Consumer spending and factory output both shrank sharply last month, while unemployment surged to the highest level since the initial coronavirus outbreak in early 2020.The property sector, which accounts for as much as 30% of China's GDP, is also in a deepening crisis.
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