PBoC keeps benchmark rates unchanged
Bank holds one- and five-year loan prime rates, despite weak economic data
China’s central bank left its benchmark rates unchanged today (September 20), thereby surprising some analysts who had expected more support for the economy.
The bank said in a statement that the one-year loan prime rate (LPR) would be kept at 3.35% and the five-year LPR would remain at 3.85%.
The one-year LPR forms the basis for most new and outstanding loans in China, while the five-year rate is a reference for mortgages.
Banks normally charge LPRs to their best clients. They are calculated each
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