Beijing March 20 2024: China left benchmark lending rates unchanged at a monthly fixing on Wednesday, in line with market expectations, after the central bank kept a key policy rate steady last week amid some signs of improvement in the broad economy.
The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 3.95%.
China’s central bank left its medium-term lending facility (MLF) rate unchanged last week. The MLF rate serves as a guide for LPR, which is set by 20 designated commercial banks.
But PBOC Governor Pan Gongsheng said earlier this month that the bank would keep the yuan basically stable and sent a dovish message to the market by saying China had “rich monetary policy tools at its disposal.”
Source:
Reuters
