Tokyo | China has cut the interest rate on new home loans in a surprise bid to stem a collapse in mortgage lending, as weak retail and factory activity in April compounded fears that Beijing’s stimulus measures are failing to offset the economic damage caused by COVID-19.
The rate cut, by 0.2 percentage points to 4.4 per cent, followed a surprise drop in lending in April and came just ahead of further data showing the extent of the slowdown in the world’s second-largest economy.
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Bloomberg
Michael Smith is the health editor for The Australian Financial Review. He is based in Sydney. Connect with Michael on Twitter. Email Michael at michael.smith@afr.com
