China unveils rate reform to steer funding costs lower for firms
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BEIJING (Reuters) - China's central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States.The People's Bank of China (PBOC) said it will improve the mechanism used to establish the loan prime rate (LPR) from this month, in a move to further lower real interest rates for loans in a market-based way."By reforming and improving the formation mechanism of LPR, we..