The People’s Bank of China overhauls its interest-rate mechanism to help businesses grappling with a cooling economy
Banks will use the Loan Prime Rate, which is based on real-world bank lending prices, to price new loansBEIJING—China’s central bank on Saturday unveiled a long-awaited reform to its interest-rate mechanism, a move aimed at reducing financing costs for businesses struggling with a cooling economy.
The People’s Bank of China said in a statement Saturday that it would replace existing benchmark interest rates with the Loan Prime Rate, which is based on real-world bank lending prices, as a reference for banks in pricing new loans.
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