• <a fr-original-style="" href="https://www.cnbc.com/2022/08/22/china-slashes-lending-rates-one-week-after-surprise-cuts-in-key-rates.html" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">China slashed its key lending rates again</a> on Monday, one week after it cut two interest rates unexpectedly, in a bid to revive credit demand and stimulate the economy hurt by extended Covid lockdowns and growing property debt issues. The People’s Bank of China cut its five-year loan prime rate to 4.30% from 4.45% and its one-year loan prime rate to 3.65% from 3.70%.<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">A step back: Last week, the Chinese central bank lowered the rate of the one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points, and cut the seven-day reverse repo rate by 10 basis points to 2%.</li></ul>

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