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MNI POLICY: China Lowers One-Year Loan Prime Rate By 20 Bps 

     BEIJING (MNI) - China's central bank cut its one-year Loan Prime Rate (LPR)
by 20 bps to 3.85% on Monday, the biggest reduction since the LPR mechanism
reform last August. The central bank also cut the five-year LPR by 10 bps to
4.65%. 
     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. MNI last Thursday also
signalled the LPR would be guided lower by 20 bps. 
     The PBOC lowered its one-year medium-term lending facility (MLF) rate by 20
bps on April 15, following the announcement of a one-percentage-point reserve
requirement ratio cut for selected banks on April 3.
     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
costs, on the 20th of each month after the LPR reform.
--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$$$,M$Q$$$]
China Market NewsPolicy NewsPBOCAPACChinaJapanAustraliaNew ZealandRegionCentral Bank News
China Market NewsPolicy NewsPBOCAPACChinaJapanAustraliaNew ZealandRegionCentral Bank News
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