China shares dip as central bank cuts key rate
Mainland China's shares fell on Tuesday as its central bank announced a record cut to a benchmark lending rate in a bid to boost its struggling economy. But both were down in early trade Tuesday, as the People's Bank of China announced it was lowering the five-year loan prime rate (LPR), used to price mortgages, from 4.2 to 3.95 percent.
Mainland China's shares fell on Tuesday as its central bank announced a record cut to a benchmark lending rate in a bid to boost its struggling economy. But both were down in early trade Tuesday, as the People's Bank of China announced it was lowering the five-year loan prime rate (LPR), used to price mortgages, from 4.2 to 3.95 percent.
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