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| The reduction in China's benchmark lending rates on Monday will boost the nation's economic recovery by spurring corporate and household spending and stabilizing the real estate sector, experts said. |
| China's over-five-year loan prime rate (LPR) dropped to 4.3 percent in August from 4.45 percent in July and marking the lowest level since the rate debuted in August 2019, the National Interbank Funding Center said on Monday. |
| The one-year LPR also decreased on Monday, to 3.65 percent from 3.7 percent a month earlier, the center said. |
| "The reductions will play a positive role in reducing financing costs for the real economy, improving the confidence of market players and promoting the recovery of credit demand," said Wen Bin, chief economist at China Minsheng Bank. |
| The marked reduction in the over-five-year LPR will help the real estate sector stabilize by unleashing housing demand and boost consumer spending by reducing household debt burdens, he said. |
| Meanwhile, the lowered one-year LPR will further bring down companies' financing costs and drive up the country's growth in fixed-asset investment, Wen said. |
| An executive meeting of the State Council, China's Cabinet, on Thursday called for efforts to lower the financing burdens on businesses and consumption credit costs for individuals in order to ramp up financial support for the real economy. |
| As a result of Monday's move, the total decline in the over-five-year LPR so far this year has reached 35 basis points, following reductions in May and January. |
| Wu Chaoming, deputy director of the Chasing International Economic Institute, said more reductions in the over-five-year LPR are possible if the real estate sector recovers at a sluggish pace. |
| Yan Yuejin, director of the E-house China Research and Development Institution, said Monday's cut could save about 90 yuan ($13.16) in monthly payments for a homebuyer who takes out a 30-year mortgage with a principal of 1 million yuan, with those with existing mortgages seeing reductions in their payments starting next year. |
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