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MNI BRIEF: PBOC Cuts Five-Year LPR 15 BPS, One-Year Unchanged

MNI (Singapore)
SINGAPORE (MNI)

China's central bank on Friday cut its lending reference rate for the first time in four months as the world second largest economy has proved to be significantly impacted by the latest outbreak of the Omicron variant.

The Loan Prime Rate, which guides companies' cost of borrowing, was lowered by 15bps to 4.45% for the five-year and above maturity, with the one-year rate unchanged. The 15bp-cut in the five-year LPR, a benchmark for housing mortgage rates, indicated the central bank wants to bolster the soft property sector.

Market analysts had noted credit demand after the April’s unexpected-weak activity data implied Covid-19 lockdowns were having a major impact, See: MNI STATE OF PLAY: Still A Chance For PBOC To Cut The LPR.

The PBOC had left the key one-year MLF rate, which the LPR is pegged to, at 2.85% on May 16, which disappointed market players and resulted in weaker equity, bond as well as FX markets.

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