Chinese banks cut a key reference lending rate for mortgages by the most on record, ramping up support for the beleaguered property sector. The five-year Loan Prime Rate, a reference for mortgages, was lowered by 25 basis points to 3.95%, according to a statement by the People’s Bank of China on Tuesday. It was the first cut in eight months, and the largest since that rate was introduced in 2019. Nine of the 12 economists polled predicted a reduction, but none by that much. The one-year rate was maintained at 3.45%. Ten of the 19 economists surveyed by Bloomberg forecast a cut between 5 and 15 basis points, while the ... (full story)