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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI POLICY: China Lowers One-Year Loan Prime Rate By 10 Bps
BEIJING (MNI) - China's central bank cut its one-year Loan Prime Rate (LPR)
by 10 bps to 4.05% on Thursday while also cutting the five-year LPR by 5 bps to
4.75%.
The reductions, announced in a statement on the People's Bank of China
(PBOC) website, are in line with market expectations after the central bank
lowered interbank borrowing costs earlier this month.
A MNI story on Monday also signalled the LPR would be guided lower. The
PBOC lowered its one-year medium-term lending facility (MLF) rate by 10 bps on
Monday, following similar cuts to seven-day and 14-day reverse repo rate just
two weeks ago.
The LPR, a new reference rate for bank loans, is anchored to the one-year
MLF, a rate that is viewed as being closer to market rates for credit.
Designated banks will update their LPR quotations based on their borrowing cost
on the 20th of each month, after the PBOC reformed the LPR mechanism last
August.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com
[TOPICS: MMQPB$,M$A$$$,M$Q$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.