Caixin
Sep 20, 2022 03:43 PM
FINANCE

Chinese Banks Keep Lending Rates Unchanged After PBOC Pauses

A lending rate cut is still expected by economists in the coming months to counter headwinds to growth. Photo: Bloomberg
A lending rate cut is still expected by economists in the coming months to counter headwinds to growth. Photo: Bloomberg

(Bloomberg) — Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth.

The one-year loan prime rate (LPR) was left at 3.65%, according to a statement by the People’s Bank of China Tuesday. The rate was last cut by 5 basis points in August. Sixteen of the 17 economists surveyed by Bloomberg had expected the rate to be kept unchanged.

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