The over-five-year LPR, on which lenders base their mortgage rates, remained unchanged at 4.2 per cent. The LPR went down 10 basis points in June, in both one-year and five-year terms.
The reduced rate will help lower financing costs and improve credit demand, further bolstering the consumption and investment momentum, a state-controlled news agency cited analysts as saying.
The country's central bank cut several policy rates last week to accelerate recovery at the economic front.
The interest rate of a one-year medium-term lending facility was reduced from 2.65 per cent to 2.5 per cent, and that of seven-day reverse repos dropped from 1.9 per cent to 1.8 per cent.
ALCHEMPro News Desk (DS)
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