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MNI BRIEF: China’s Nov Loan Prime Rate Unchanged

MNI (Singapore)
(MNI) Beijing

China's Loan Prime Rate remained unchanged on Monday according to a People's Bank of China statement, in line with market expectation following the PBOC's decision to keep a key policy rate steady on November 15.

The one-year LPR, based on the PBOC’s Medium-term Lending Facility rate and quotes submitted by 18 banks, was left at 3.45% and the five-year plus maturity was held at 4.2%. (See MNI PBOC WATCH:Major MLF Injection Lowers RRR Cut Possibility).

The central bank kept its one-year medium-term lending facility rate steady last week at 2.5%, but pumped about CNY600 billion of MLF into the interbank market, the largest monthly net injection since December 2016.

The significant net injection of MLF funds will lower the chance of a cut to the reserve requirement ratio, economists told MNI.

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