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China cuts one-year lending rate to 3.45%
04:29
Asia Pacific
China cuts one-year lending rate to 3.45%
China's one-year loan prime rate was cut by 10 basis points on Monday - from 3.55% to 3.45% - just shy of the 15 basis points expected. That's as data have been pointing to faltering growth momentum and problems in the country's property sector. Country Garden, once the country's biggest property developer, is now on the verge of default, while Evergrand filed last week for bankruptcy protection in a Manhattan court. Country Garden is also to be removed from Hong Kong's Hang Seng Index on September 4th, after its shares have plunged 70% this year only, as the company failed to meet bond coupon payments and issued a profit warning.
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