Chinese Banks cut key interest rate for long term loans

News: Chinese banks have cut their benchmark reference rate for mortgages by a bigger than expected margin at their May fixing so as to revive credit demand to prop up the economy

Views: Chinese banks have lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45% from 4.60%, while the one-year LPR was unchanged at 3.70%. Chinese has taken this step to prop up it's economy. This is step is likely to aid metal demand recovery in China and also support global metal pricing

Impact: Positive