PBoC holds key lending rates
Move comes after China hit 5% growth target for 2024, but analysts expect further easing this year
Amid the continued weakness of the yuan, the People’s Bank of China has held off monetary easing and left its benchmark lending rates unchanged for a third consecutive month.
The central bank said today (January 20) that it was keeping the one-year loan prime rate (LPR) at 3.1% and the five-year LPR at 3.6%.
LPRs are normally charged to banks’ best clients. They are calculated each month after 20 designated commercial banks submit proposed rates to the PBoC’s National Interbank Funding Centre.
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