China tells banks to 'significantly' cut lending rates to small businesses

Beijing

CHINA'S financial regulator has told banks to "significantly cut" lending rates for small firms in the third quarter in comparison with the first quarter, two people with direct knowledge of the matter told Reuters on Monday.

The move comes amid a Chinese deleveraging campaign to crack down on financial risks and economic uncertainty triggered by a trade war with the United States that economists have cautioned could slow China's economic growth.