China rate cut shows lack of options for boosting economy
BEIJING -- China's move to slash borrowing rates for homebuyers underscores how authorities are trying to prop up a weak housing market with few tools at their disposal.
The People's Bank of China lowered the five-year loan prime rate, a mortgage benchmark, by 25 basis points on Tuesday to 3.95% from 4.2%. Shanghai-listed stocks rose in response to the move.