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MNI BRIEF: China's December Loan Prime Rate Unchanged

MNI (Singapore)
(MNI) Beijing

China's reference lending rate remained unchanged on Tuesday, according to a statement on the People's Bank of China website, which was in line with market expectations after the central bank kept a key policy rate steady last Thursday.

The Loan Prime Rate, based on the rate of the PBOC’s Medium-term Lending Facility and quotes submitted by 18 banks, remained at 3.65% for the one-year maturity and 4.3% for over five-years maturity. The PBOC provided a net CNY150 billion MLF last week, the first net injection of MLF in nine months.(See: MNI PBOC WATCH: Bank Margin Squeeze Weighs On 5-Yr LPR Outlook)

However, advisors and analysts said the PBOC should guide the over-5-year LPR down to boost long-term credit demand among households and companies.

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