China's Central Bank Implements Loan Prime Rate Cuts to Boost Slowing Economy.

China has cut its key lending benchmarks for the first time in 10 months to revive a slowing economic recovery, with the one-year loan prime rate (LPR) lowered by 10 basis points to 3.55% and the five-year LPR cut by the same margin to 4.20%. However, the cut to the five-year rate was smaller than expected due to concerns about the property market. The move disappointed investors, with the Hang Seng Mainland Properties Index dropping 3.61%, and the Chinese currency and broader Asian stock markets also dipping. China's cabinet met on Friday to discuss measures to spur growth in the economy and pledged more policy support.