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MNI BRIEF: PBOC Keeps March Loan Prime Rate Unchanged

MNI (Singapore)

China's central bank on Monday left its benchmark rates for loans unchanged, according to a statement on the People's Bank of China website. The move was expected by the market after the PBOC left unchanged another key policy rate last week.

The Loan Prime Rate, guiding companies' cost of borrowing, remains at 3.70% for the one-year maturity and 4.60% for five years. The PBOC left the one-year Medium-term Lending Facility rate, seen as being close to market rates and linked to LPR, at 2.85% on March. 15 when it rolled over the maturing CNY100 billion MLF.

The central bank last cut 1- year LPR both in January and December by a total 15 bps, after keeping the same benchmark for 19 months. The 5-year LPR was cut by 5 bps in January after being left unchanged for 20 months.

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