China has lowered lending standards in the first such easing in a decade as authorities seek to support a slowing recovery in the world's second-largest economy.
The latest monetary easing comes as China's post-pandemic recovery shows signs of losing momentum achieved in the first quarter of the year.
Beijing cut its key interest rate for one-year loans by 10 basis points to 3.55 percent and cut it by the same margin for five-year loans to 4.20 from 4.30 percent. The People's Bank of China (PBOC) has cut interest rates in the short and medium term, suggesting it is about to embark on another round of monetary easing in a bid to further recover.
Source (Al-Arabiya.net Website, Edited)
