China cuts benchmark lending rate in a bid to boost economy

It is the largest cut to the rate since it was introduced in 2019. — Bloomberg

BEIJING: China’s central bank cuts a key benchmark lending rate used to price mortgages as Beijing seeks to rescue its housing market from a deepening crisis and boost flagging growth in the country’s economy.

China has struggled to kickstart growth as it battles a prolonged property sector downturn, soaring youth unemployment and a global slowdown that has hammered demand for goods from the world’s second-largest economy.