China trims lending rates with new benchmark, more rate cuts expected

SHANGHAI/BEIJING (Reuters) - China lowered its new lending reference rate slightly on Tuesday, as expected, as the country's central bank kicked off new interest rate reforms designed to lower corporate borrowing costs.But the tiny reduction in the revamped Loan Prime Rate (LPR), which is calculated from price contributions from selected banks, reflects lenders' reluctance to reduce loan rates. That has fuelled expectation Beijing will need to take more steps to guide borrowing costs lower in a..