Lebanese death toll from Israeli attacks rises to 2,464

China

Lebanese death toll from Israeli attacks rises to 2,464

2024-10-21 12:25 Last Updated At：17:17

The death toll from Israeli airstrikes on Lebanon since the beginning of the Israel-Hezbollah conflict has reached 2,464, with injuries up to 11,530, the Lebanese Health Ministry reported on Sunday.

On Saturday alone, 16 people were killed and 59 others wounded in Israeli attacks, the ministry said.

Late on Sunday, the Israel Defense Forces(IDF) announced that its army is currently conducting ground raids in southern Lebanon based on precise intelligence. Some 60 armed militants were killed in ground operations and airstrikes. In addition, tens of Hezbollah military facilities, both on ground and underground, and tunnels, as well as hundreds of weapons deployed at the border areas were destroyed. The IDF also seized documents left behind by Hizbullah fighters. During these operations, five Israeli military officers and soldiers died.

Israeli warplanes on Sunday evening began bombing branches of Al Qard Al Hassan, a financial institution affiliated with Hezbollah, al-Jadeed local TV channel reported.

The TV channel confirmed that the branch of the financial institution in Chiyah in Beirut's southern suburbs had been attacked, with no immediate casualties reported yet.

The financial organization operates primarily in Lebanon, with its headquarters located in Beirut's southern suburbs, providing small loans for Lebanese. It is considered as "bank" by local people.

Lebanon's Hezbollah on the same day announced they launched rocket projectiles towards Israeli military bases located near Haifa, Zafat and Tiberias cities.

The IDF on Sunday reported that Hezbollah had launched more than 170 rocket projectiles into northern Israel, with some being intercepted while several others exploded in open spaces. There have been no reports of casualties or injuries so far. In Zafat City, the rocket projectiles ignited fires, prompting local authorities to dispatch firefighters and planes to extinguish the flames.

Since Sept. 23, the Israeli army has been conducting intensive airstrikes on Lebanon in a sharp escalation with Hezbollah.

China further cuts benchmark lending rate LPR

2024-10-21 16:31 Last Updated At：17:07

The People's Bank of China (PBOC), the country's central bank, on Monday announced to cut the market-based benchmark lending rate, with both the one-year loan prime rate (LPR) and the over-five-year LPR being lowered.

The one-year LPR came in at 3.1 percent on Monday, while the over-five-year LPR, on which many lenders base their mortgage rates, fell to 3.6 percent, with both reduced by 0.25 percentage points from the previous reading, according to the National Interbank Funding Center.

The monthly-released data is a pricing reference rate for banks and is based on rates of the People's Bank of China (PBOC)'s open market operations.

"This is the third cut in LPR so far this year, and it's the largest one. The decline in LPR will further push down the loan interest rates of enterprises and individuals, and the interest rates of existing and new mortgage loans will be further reduced, which will better ease the housing consumption burden of residents and promote the stabilization of the real estate market," said Dong Ximiao, chief researcher of Merchants Union Consumer Finance Company Limited.

Experts say that the large cut of 25 basis points in both one-year and over-five-year LPRs will help promote a steady decline in social financing costs, expand gross demand of macro economy, shore up a reasonable recovery in prices, and drive stable growth of the real economy.

"With the introduction of a package of incremental policies, macro policies are working towards stabilizing growth with full force. The reduction in LPR quotes is in line with the current general direction of macro policies. It is a key link in sending the signal of central bank's "aggressive interest rate cuts" to the real economy, and can provide important support for the smooth achievement and completion of the annual economic and social development goals and tasks," said Wang Qing, chief macro analyst of Golden Credit Rating.

In addition, the lowered LPR will significantly ease the burden of mortgage borrowers imposed by interests and effectively stimulate consumption, as residents' mortgage interest expenses have been greatly reduced, according to experts.

Since the beginning of this year, the over-five-year LPR has dropped by 0.6 percentage points in total.