Chinese Banks Keep Lending Rates Steady After Central Bank Policy Rate Hold

(Bloomberg) — China’s commercial lenders held their benchmark lending rates steady on Monday, in line with the central bank’s decision earlier this month to maintain policy rates in favor of other means to support stimulus spending. 

The one-year loan prime rate was held at 3.45%, in line with the forecasts from almost every economist surveyed by Bloomberg. The five-year rate, a reference for mortgages, was kept at 4.2%, according to the People’s Bank of China (PBOC). That also broadly matched expectations.