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MNI BRIEF: China June Loan Prime Rate Kept Unchanged

MNI (Singapore)

China’s reference lending rate remained unchanged on Monday, according to a statement on the People's Bank of China website, which was in line with market expectations after the central bank maintained a key policy rate last week.

The Loan Prime Rate, based on the rate of PBOC’s Medium-term Lending Facility and quotes submitted by 18 banks, remains at 3.70% for the one-year maturity and 4.45% for five years. The PBOC left the rate on its 1-year MLF unchanged at 2.85% on June 15 when it rolled over the CNY200 billion maturing under the facility. SEE: MNI STATE OF PLAY: PBOC In Wait-And-Watch Mode On Key Rates

The PBOC announced the largest ever cut to five-year and higher tenors of LPR in May, reducing it by 15 bps to boost mortgage lending and prop up the sluggish housing market. It cut the 1- year LPR in January and December by a total 15 bps after keeping it unchanged for 19 months.

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