China maintains base interest rate unchanged for the 19th consecutive month

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China kept the basic interest rate unchanged for the 19th consecutive month, in a decision released this Monday (22) by the People’s Bank of China.

The one-year loan rate (LPR) remains at 3.85% and the five-year LPR remains at 4.65%.

The Chinese Central Bank also announced that it will provide financial institutions with low-cost loans to help companies reduce carbon emissions, supporting the country’s long-term goals.

China, the world’s largest emitter of greenhouse gases, aims to achieve carbon neutrality by 2060.

The support tool will help institutions grant loans to companies based on independent decision-making and risk assessment, the agency said in a statement.

The bank will provide 60% of loans made by financial institutions to cut carbon emissions, with a one-year lending rate of 1.75%.

Loans to reduce carbon emissions can be extended twice, he added.

*With information from Reuters

Reference: CNN Brasil

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