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MNI BRIEF: China’s June Loan Prime Rate Unchanged

MNI (Singapore)
(MNI)Beijing
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China's Loan Prime Rate remained unchanged on Thursday, according to a People's Bank of China statement, in line with market expectation as the central bank aims to hold the key policy rate stable due to weak yuan concerns and bank profits.

The one-year LPR, based on the PBOC’s Medium-term Lending Facility rate and quotes submitted by 20 banks, was left at 3.45% and the five-year plus maturity was held at 3.95%. (See MNI PBOC WATCH: China LPR To Hold On PBOC's Cautious Stance). The rate last changed in February when the five-year plus maturity was reduced 25 basis points, while the one-year tenor held steady.

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China's Loan Prime Rate remained unchanged on Thursday, according to a People's Bank of China statement, in line with market expectation as the central bank aims to hold the key policy rate stable due to weak yuan concerns and bank profits.

The one-year LPR, based on the PBOC’s Medium-term Lending Facility rate and quotes submitted by 20 banks, was left at 3.45% and the five-year plus maturity was held at 3.95%. (See MNI PBOC WATCH: China LPR To Hold On PBOC's Cautious Stance). The rate last changed in February when the five-year plus maturity was reduced 25 basis points, while the one-year tenor held steady.

Keep reading...Show less