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China leaves loan prime rates unchanged
RTTNews reports that China maintained its benchmark loan prime rates for the 17 consecutive month, as widely expected.
The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent.
Markets expected LPR rates to remain on hold as the People's Bank of China had kept the rate on its medium-term lending facility unchanged early this month.
The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank's traditional benchmark lending rate in August 2019.
The economist is expecting cuts to the PBoC's policy rates, including the LPR starting next quarter.
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