China Cuts Lending Rates To Cushion Property Market

China's central bank unexpectedly lowered its lending rates for long-term loans, a move that is set to prop up lending to the property market. The five-year loan prime rate, or LPR, the benchmark for mortgage rates, was lowered by a record 15 basis points to 4.45 percent from 4.60 percent, the People's Bank of China said Friday. This was the second reduction this year.