China cuts mortgage rates by record amount to help struggling property sector

China made its biggest ever cut to mortgage rates on Tuesday, as the authorities try to support the struggling property sector, though the response from stock markets was muted. The People’s Bank of China said that the country’s lenders would reduce their five-year loan prime rate (LPR) by 25 basis points to 3.95%, a bigger cut than expected and the first since June last year. The one-year LPR was maintained at 3.45%.The lowering of borrowing costs was “a logical inevitability,