China's Lending Benchmarks Unchanged For 2nd Month
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2022-10-20 HKT 11:04
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China kept its benchmark lending rates unchanged for a second straight month on Thursday, in line with expectations, as authorities held off unleashing more monetary stimulus to avoid stark policy divergence with other major economies.
The one-year loan prime rate (LPR) was kept at 3.65 percent, while the five-year LPR was unchanged at 4.30 percent.
A Reuters poll showed 22 out of 24 respondents predicted no change to either rate, while the remaining two expected a marginal reduction to the five-year rate after the government introduced a slew of measures to prop up the property sector.
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 last cut LPRs in August. (Reuters)
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