China leaves key lending benchmarks unchanged, as expected

BEIJING, CHINA – JUNE 13: A woman walks past the People’s Bank of China (PBOC) building on June 13, 2023 in Beijing, China.

China News Service | China News Service | Getty Images

China left benchmark lending rates unchanged at a monthly fixing on Tuesday, in line with market expectations.

The one-year loan prime rate was kept at 3.35%, while the five-year LPR was unchanged at 3.85%.

In a Reuters survey of 37 market participants conducted this week, all respondents expected both rates to stay unchanged.

Allianz Global Investors sees ample room for PBOC to step up policy easing

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

China surprised markets by cutting major short- and long-term interest rates in July, its first such broad move in almost a year, signaling policymakers’ intent to strengthen economic growth.

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