PBoC keeps benchmark rates unchanged
Markets expected decision to hold one-year and five-year loan prime rates
The People’s Bank of China (PBoC) has kept its benchmark one-year and five-year loan prime rates (LPRs) unchanged, it announced today (March 20).
The one-year LPR was kept unchanged at 3.45% and the five-year rate at 3.95%.
The one-year rate forms the basis for most new and outstanding loans in China, while the five-year rate is a reference rate for mortgages.
LPRs are normally charged to banks’ best clients. They are calculated each month after 20 designated commercial banks submit proposed
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