China reduced benchmark lending rates for the first time since October on Tuesday, with major state banks also lowering deposit rates as part of efforts to relax monetary policy and support the economy amid the Sino-US trade war. The People's Bank of China announced a 10 basis point reduction in the one-year loan prime rate (LPR) to 3.0 per cent and a corresponding decrease in the five-year LPR to 3.5 per cent. The anticipated rate cuts are intended to boost consumption and loan growth in response to the slowing economy, while also safeguarding the diminishing profit margins of commercial lenders. Attribution: Reuters Subediting: M. S. Salama
