Chinese Banks Keep Lending Rates Unchanged in Line With PBOC

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Chinese banks have seen their profit margins coming under increasing pressure as they heed the government’s call to step up support for the economy. Photo: Bloomberg

(Bloomberg) — China’s commercial lenders kept their benchmark lending rates unchanged on Wednesday, following the central bank’s move last week to hold policy rates steady as officials assess the economic impact of existing stimulus.

The one-year loan prime rate (LPR) was held at 3.45%, according to a statement from the People’s Bank of China (PBOC), in line with the forecasts from most of the economists surveyed by Bloomberg. The five-year rate, a reference for mortgages, was kept steady at 4.2%.