China leaves lending benchmark LPRs unchanged as expected By Reuters

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© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo

SHANGHAI/SINGAPORE (Reuters) – China kept benchmark lending rates unchanged at the monthly fixing on Monday, matching market expectations, after the central bank surprised markets by keeping its medium-term policy rate steady last week.

The one-year loan prime rate (LPR) was kept at 3.45%, and the five-year LPR was unchanged at 4.20%.

In a Reuters poll of 27 market watchers conducted last week, all but one participant predicted both LPRs would stay unchanged.

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

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