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August LPR Seen Lower Following MLF Rate Cut-Daily

CHINA PRESS
MNI (Singapore)

China’s benchmark Loan Prime Rates are likely to be driven lower next week following the PBOC’s 10 bps cut to the interest rate applied to the medium-term lending facility and the recent rapid decline in capital costs, the Securities Daily reported, citing analysts. The five-year LPR, that many lenders base their mortgage rate on, could see a reduction of more than 10 bps in an effort to boost mortgage demand amid a cooling housing market, the newspaper noted, citing Wang Qing, analyst with Golden Credit Rating. The PBOC is set to release August's LPR quotations next Monday, with the one-year and five-year LPRs currently sitting at 3.70% and 4.45%, respectively.

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China’s benchmark Loan Prime Rates are likely to be driven lower next week following the PBOC’s 10 bps cut to the interest rate applied to the medium-term lending facility and the recent rapid decline in capital costs, the Securities Daily reported, citing analysts. The five-year LPR, that many lenders base their mortgage rate on, could see a reduction of more than 10 bps in an effort to boost mortgage demand amid a cooling housing market, the newspaper noted, citing Wang Qing, analyst with Golden Credit Rating. The PBOC is set to release August's LPR quotations next Monday, with the one-year and five-year LPRs currently sitting at 3.70% and 4.45%, respectively.