China leaves key lending benchmarks unchanged, as expected

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China leaves key lending benchmarks unchanged, as expected

BEIJING, CHINA – JUNE 13: A woman walks past the People’s Bank of China (PBOC) building on June 13, 2023 in Beijing, China.

China News Service | China News Service | Getty Images

China left benchmark lending rates unchanged at a monthly fixing on Tuesday, in line with market expectations.

The one-year loan prime rate was kept at 3.35%, while the five-year LPR was unchanged at 3.85%.

In a Reuters survey of 37 market participants conducted this week, all respondents expected both rates to stay unchanged.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

China surprised markets by cutting major short- and long-term interest rates in July, its first such broad move in almost a year, signaling policymakers’ intent to strengthen economic growth.

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