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- China keeps benchmark lending rates unchanged
China keeps benchmark lending rates unchanged
RTTNews reports that China's benchmark lending rates were left unchanged as the economy continued to recover strongly from the coronavirus driven downturn.
The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.
As the PBoC had not adjusted the rate on its medium-term lending facility early this month, commercial banks were widely expected to retain the LPR today.
The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.
With the economy now back on track, the PBoC is shifting its focus away from supporting growth back towards reining in financial risks, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.
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