The loan prime rate (LPR) has been considered China’s de facto benchmark funding cost since 2019. Photo: Reuters
China cuts benchmark loan rate for first time in almost 2 years amid mounting economic pressures
- The one-year loan prime rate (LPR) was cut from 3.85 per cent to 3.8 per cent, the People’s Bank of China (PBOC) said on Monday
- The five-year LPR, which is the reference for mortgages, remained at 4.65 per cent
The loan prime rate (LPR) has been considered China’s de facto benchmark funding cost since 2019. Photo: Reuters