China leaves lending benchmark LPR unchanged for 8th straight month

FILE PHOTO: A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee

SHANGHAI (Reuters) – China left its benchmark lending rate for corporate and household loans steady for an eight straight month at its December fixing on Monday, matching market expectations.

The one-year loan prime rate (LPR) was kept unchanged at 3.85%, while the five-year LPR remained at 4.65%.

For the year, the one-year LPR was down a total 30 basis points of rate cuts, and the five-year rate was cut by 15 bps of two cuts in 2020.

Reporting by Winni Zhou and Andrew Galbraith; Editing by Tom Hogue

source: reuters.com

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