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SHANGHAI/SINGAPORE —China cut the benchmark reference rate for mortgages at a monthly fixing on Tuesday by more than expected, as authorities ramped up efforts to stimulate credit demand and revive the property market.
Commercial banks’ improving net interest margins following recent deposit rate cuts and the reduction to bank reserves earlier this month has paved the way for lenders to reduce borrowing costs to support the economy.
The five-year loan prime rate (LPR) was lowered by 25 basis points to 3.
