MNI China Daily Summary: Thursday, December 12

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MNI BRIEF: China's Oct Loan Prime Rate Unchanged

MNI (Singapore)
MNI (Beijing)

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

The Loan Prime Rate, based on the rate of PBOC’s Medium-term Lending Facility and quotes submitted by 18 banks, remains at 3.65% for the one-year maturity and 4.3% for over five years. The PBOC rolled over CNY500 billion of one-year MLF Monday, with the rate unchanged.

However, advisors and analysts estimate the over-five-year LPR could be cut further as major banks’ funding costs have been reduced after an across-the-board cut in deposit rates. China's property market still needs to be boosted through lower mortgage rates, they said.

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