[Breaking] People's Bank of China Holds Loan Prime Rate Steady... 1-Year LPR at 3.45%
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.
![[Breaking] People's Bank of China Holds Loan Prime Rate Steady... 1-Year LPR at 3.45%](http://www.asiae.co.kr/news/img_view.htm?img=2023072710454521660_1690422346.jpg)
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%.
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The LPR is calculated by aggregating the loan rates for the best customers from 18 designated banks. Local financial institutions use this as a benchmark 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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