China's January 1-Year Loan Prime Rate Holds Steady at 4.15%
[Asia Economy Beijing=Special Correspondent Park Sun-mi] The People's Bank of China has kept the January announcement of the Loan Prime Rate (LPR), which serves as the new benchmark interest rate, unchanged from the previous level.
On the 20th, the People's Bank of China froze the 1-year LPR at the existing 4.15%. The 5-year LPR also remained at the previous level of 4.80%. Since August last year, China has assigned the LPR offered to the best customers in the financial sector as a de facto benchmark interest rate.
China plans to maintain a cautious monetary easing policy stance by lowering the bank reserve requirement ratio while refraining from indiscriminate interest rate cuts.
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Earlier, Chinese financial authorities chose to lower the bank reserve requirement ratio instead of cutting interest rates to prevent liquidity from tightening ahead of the Chunje (Chinese New Year) holiday. Since the 6th, the reserve requirement ratio for banks has been reduced by 0.5 percentage points.
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