China held its benchmark lending rate for eight months

SHANGHAI (Armfalcon.com) – China’s central bank, the People’s Bank of China (PBoC), kept its benchmark lending rate unchanged for the eighth straight month at its monthly fix on Thursday, in line with market expectations.

The base loan interest rate (prime rate loansThe one-year LPR was maintained at 3.65 percent, while the five-year LPR was unchanged at 4.30 percent.

In a Reuters poll of 30 market watchers conducted this week, 27 expected no change to either rate.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the determination of mortgage rates. China last cut both LPRs in August to boost the economy.

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Translator: Apep Suhendar
Editor: Faisal Yunianto
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