Chinese Banks Hold Lending Rate as PBOC Pauses Policy Easing

(Bloomberg) — Chinese banks kept their main lending rates unchanged following the central bank’s decision to put policy rate cuts on hold as the economy starts to gradually recover from Covid lockdowns. 

The one-year loan prime rate was left at 3.7%, in line with most forecasts and where it’s been since a reduction in January. The five-year rate, a reference for mortgages, was also maintained at 4.45%, following a record 15 basis point cut last month.