The People’s Central Bank of China (PBoC) kept its benchmark interest rates unchanged on Monday (19), in line with market expectations.
The PBoC announced that it has kept the one-year prime lending rate stable at 3.65% and the five-year lending rate at 4.30%, according to a statement posted on its website.
The LPR retention was in line with market expectations as the central bank left its key interest rates on its medium-term credit facility unchanged last week.
The PBoC determines its benchmark LPR using interest rates offered by 18 commercial banks to their best customers – rates that are based on prevailing rates offered through the medium-term credit facility. The central bank surprised the market by lowering its one-year and five-year LPR rates in August to support the slowing economy.
*With information from Dow Jones Newswires.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
