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MNI BRIEF: China’s Feb Five-Year Loan Prime Rate Down By 25bps

MNI (Singapore)
(MNI)Beijing

China's five-year Loan Prime Rate fell by 25bp on Tuesday according to a People's Bank of China statement, following the central bank’s previous moves to reduce lenders’ funding cost.

The one-year LPR, based on the PBOC’s Medium-term Lending Facility rate and quotes submitted by 20 banks, remained unchanged at 3.45%, while the five-year plus maturity declined 25bp to 3.95% from 4.2%. (See:MNI PBOC WATCH: LPR Cuts Possible Despite Steady MLF )

The central bank kept its one-year MLF rate steady on Sunday at 2.5%, disappointing the market which had expected a reduction, but pumped about CNY1billion of MLF into the interbank market.

The central bank will likely guide down lenders’ deposit rates to support the lower loan interest rates.

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