"China's Record Mortgage Rate Cut Boosts Housing Market"

China's central bank has made its largest-ever cut to the key mortgage reference rate, reducing the five-year loan prime rate from 4.2% to 3.95% in an effort to bolster the housing market, which has been hobbled by a prolonged property crisis since 2021. The move aims to reduce pressure on the property sector and revive new home sales, as dozens of major developers have defaulted on their debt and the crisis has triggered widespread protests. China's economy also faces challenges such as deflation, low confidence, accelerated capital flight, and a prolonged stock market slump.