China Cuts Borrowing Rate More Than Expected Amid Economic Slowdown

The headquarters of the Chinese central bank in Beijing on Aug. 7, 2011. Mark Ralston/AFP via Getty Images

SHANGHAI—China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second reduction this year.

The country’s economy took a hit after the Chinese regime imposed extreme COVID-19 restrictions, causing huge disruptions to activity.