China cuts mortgage lending rate to temper impact of Covidlockdowns
#China cuts reference for home mortgages in bid to lower home borrowing costs and spur economic activity strained by #COVID19 lockdowns. 5-year loan prime rate down to 4.45% from 4.6%. 1-year rate on hold at 3.7%.
Xiaomi's shrinking quarterly sales of $11 bln, and a net loss, make clear how China's Covid-19lockdowns are hurting consumers. A reckoning of bloated inventories and falling demand awaits, says @mak_robyn