BEIJING, April 22 (Xinhua) — China’s one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.45 percent Monday, unchanged from the previous month.
The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.95 percent, according to the National Interbank Funding Center.
China cut the over-five-year rate by 25 basis points to 3.95 percent in February, the largest drop in recent years. The one-year rate remained unchanged in February.
A lower LPR is expected to shore up the credit and property markets, reduce the financial cost of businesses and individuals, and contribute to a steady economic recovery.
The monthly data is a pricing reference for banks that is based on the rates of the central bank’s open market operations, especially the medium-term lending facility rate.