China's central bank is further loosening its purse strings as the country grapples with a slumping economy and a prolonged trade war with the United States. On Wednesday, the People's Bank of China cut its new benchmark lending rates by five basis points. The one-year loan prime rate (LPR) dropped to 4.15% from 4.20% in October. The five-year LPR was cut for the first time since it was introduced a few months earlier, going from 4.85% to 4.8%. China's economic slowdown is worsening amid a bruising trade war with the United States and cooling domestic demand. The country's gross domestic product grew by 6% in the third quarter, its lowest level in nearly three decades.
Post by : Republic of Turkey Ministry of Trade