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EM Financial Conditions Easing After Sharp Tightening (1/2)


EM Financial Conditions Easing After Sharp Tightening (2/2)

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China's central bank on Wednesday left its benchmark rate for loans unchanged for the 17th straight month, according to a statement on the People's Bank of China website.

The Loan Prime Rate, guiding companies' cost of borrowing, remains at 3.85% for the one-year maturity and 4.65% for five years. The PBOC had left the one-year Medium-term Lending Facility rate which is viewed as being close to market rates and is linked to LPR, at 2.95% on September 15 when it rolled out the maturing CNY600 billion MLF with the same amount.

Since the previous LPR reform in August 2019, the PBOC has cut 46 bps off the one-year LPR and 20bps off the five-year. In April 2020, after a 6.8% contraction in Q1 GDP, the PBOC cut the one-year LPR by 20 bps and the five-year by 10 bps, the biggest cuts since the LPR mechanism was reformed in August 2019.


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