The People’s Bank of China (PboC) cut its five-year loan prime rate (LPR) by 15bps last week to 4.45%, the largest monthly reduction since it became a key benchmark for policymakers in 2019. The move signals a somewhat greater urgency on behalf of the authorities to try to support the extremely weak housing market, as mortgages are linked to the five-year rate; the one-year rate was left unchanged. In the current easing cycle beginning late last year, the five-year rate had previously only been reduced by 5bps. The move follows a recent 20bps cut in the minimum mortgage rate financial