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MNI BRIEF: China's March Loan Prime Rate Unchanged

MNI (Singapore)
(MNI) Beijing

China's reference lending rate remained unchanged on Monday, according to a statement on the People's Bank of China website, which was in line with market expectations as the central bank kept a key policy rate steady on March 15 amid robust credit expansion and an economic rebound.

The Loan Prime Rate, based on the rate of 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. The PBOC offered a net CNY281 billion through a one-year MLF on March 15 with the rate unchanged at 2.75%, which was the largest monthly net injection since 2021 and was the eighth consecutive month the rate was unchanged. (See:MNI PBOC WATCH: LPR On Hold Amid Rebound; Alert To SVB Fallout)

However, advisors and analysts said the PBOC should guide down the over-five-year LPR to boost confidence since household sector credit demand remains weak.

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