[Breaking] People's Bank of China Holds Benchmark Interest Rate Steady... 1-Year LPR at 3.45%
Decision to Freeze for Two Consecutive Months Following September
The People's Bank of China, the central bank, has kept the loan prime rate (LPR), which is the 'de facto benchmark interest rate,' unchanged.
On the 20th, the People's Bank of China announced that it would keep the 1-year LPR at 3.45% and the 5-year LPR at 4.20%. This marks the second consecutive month of no change since August.
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![[Breaking] People's Bank of China Holds Benchmark Interest Rate Steady... 1-Year LPR at 3.45%](http://www.asiae.co.kr/news/img_view.htm?img=2021062917035611988_1624953836.png)
The LPR is calculated by aggregating the loan rates offered to the best customers by 18 designated banks. Local financial institutions use this as a reference for lending, so it functions as an effective benchmark interest rate. The 1-year rate affects general loans, while the 5-year rate impacts mortgage loans.
This content was produced with the assistance of AI translation services.
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