China to Cut Key Lending Benchmarks Amid Economic Slowdown

China is expected to cut key lending benchmarks, the one-year loan prime rate (LPR) and the five-year tenor, on Tuesday in the first such easing in 10 months, as authorities seek to shore up a slowing recovery in the world's second-largest economy. Recent economic data showed the retail and factory sectors struggling to sustain the momentum seen in the first quarter, raising concerns China's post-COVID comeback could ground to a halt this year and trigger massive job losses. The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery.