China holds benchmark lending rates
One- and five-year loan prime rates unchanged after authorities pledge to loosen policy next year
The People’s Bank of China (PBoC) has kept its market-based benchmark lending rates (LPRs) unchanged.
In a statement today (December 20) the PBoC said it was keeping the one-year LPR at 3.1% and the five-year LPR at 3.6%.
The one-year rate forms the basis for most new and outstanding loans in China, while the five-year rate is a reference for mortgages.
LPRs are normally charged to banks’ best clients. They are calculated each month after 20 designated commercial banks submit proposed rates to the
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