The People’s Bank of China (PBoC) lowered its benchmark 1-year Loan Prime Rate (LPR) by 10 bps to 4.05% on 20th January 2020, amid efforts to support the economy battling with the virus outbreak. The 1-year LPR now has slashed 4 times since it became the official key rate in August 2019. The 5-year LPR was cut by 5 bps to 4.75%. The rate adjustment followed a similar move in the PBoC’s medium-term lending rate earlier this week.