March 20, 2024 01:22 GMT
MNI BRIEF: China’s March Loan Prime Rate Unchanged
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China's Loan Prime Rate remained unchanged on Wednesday according to a People's Bank of China statement, in line with market expectation following the February's significant LPR cut and the hold of a key policy rate on March 15.
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: LPR To Hold, Idle Funds Targeted.)
The central bank kept its one-year MLF rate steady last week at 2.5%, but made its first net drain of the MLF since December at CNY94 billion, adding to investor concerns of a change to ample liquidity conditions as the Bank targets idle funds.
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