China Effectively Lowers 1-Year LPR Benchmark Rate to 3.85% (First Report)
[Asia Economy Beijing=Special Correspondent Park Sun-mi] China has effectively lowered the Loan Prime Rate (LPR), which has served as the benchmark interest rate.
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On the 20th, the People's Bank of China announced the 1-year LPR at 3.85%. This is a 0.2 percentage point decrease from the 4.05% rate maintained since February. The 5-year LPR, which affects mortgage loans, was adjusted from the previous 4.75% to 4.65%.
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