Africa Business News

China’s central bank has cut a key interest rate amid concerns about the post-pandemic recovery of the world’s second-largest economy. The People’s Bank of China cut the one-year loan prime rate, a benchmark for corporate loans, from 3.55 per cent to 3.45 per cent. The central bank held the five-year LPR, which is used to price mortgages, steady at 4.2 per cent. China’s post-COVID recovery has been hampered by weakening demand for Chinese goods due to the uncertain global economic outlook and domestic challenges ranging from a slumping property market to a record-low birth rate. China last week also announced it would no longer publish detailed youth unemployment figures after the jobless rate hit 21.3 per cent in June.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement