SHANGHAI—China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months on Monday, in a bid to prop up growth in the slowing economy, although it remains wary of loosening conditions in the country’s highly leveraged property market.
The one-year LPR was lowered by 5 basis points to 3.80 percent from 3.85 percent previously, while the five-year LPR remained at 4.65 percent.
