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China maintains loan prime rates steady at 3.5%
20 Dec '23
1 min read
Pic: Adobe Stock
Insights
- China's one-year Loan Prime Rate (LPR) has been maintained at 3.45 per cent, with the over-five-year LPR also steady at 4.2 per cent.
- The People's Bank of China injected 1.45 trillion yuan (about $202 billion) into the market through a one-year MLF on November 15, 2023, maintaining an interest rate of 2.5 per cent, in line with previous rates.
China’s one-year Loan Prime Rate (LPR) has been maintained at 3.45 per cent, unchanged from previous month, according to the National Interbank Funding Center. Similarly, the over-five-year LPR, a crucial benchmark that influences numerous mortgage rates across the country, also remains unchanged at 4.2 per cent.
The People's Bank of China, on November 15, infused a substantial amount of liquidity into the market. An injection of 1.45 trillion yuan (approximately $202 billion) was made through the one-year medium-term lending facility (MLF). Notably, this infusion retained the interest rate at 2.5 per cent, consistent with rates from prior operations, as per Chinese media reports.
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