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LPRs Still Have Room To Decline - Journal

CHINA PRESS
MNI (Singapore)

China’s benchmark Loan Prime Rates could be cut following the reduction of deposit interest rates by some Chinese banks, the China Securities Journal reported citing analysts. The cost of funding for banks has declined sharply as the weighted average interest rate on deposits has dropped by about 18 bps since July, the newspaper said citing analysts. The 5-year LPR, which many lenders based their mortgage rates on, could be cut to help stabilise the property market, the newspaper cited analysts as saying. Both 1-year and 5-year LPRs were kept unchanged at 3.65% and 4.30% respectively in September.

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