China鈥檚 loan prime rates unchanged
Print Edition
China鈥檚 one-year loan prime rate, a market-based benchmark lending rate, came in at 3.85 percent yesterday, unchanged from the previous month.
The over-five-year LPR, on which many lenders base their mortgage rates, also stayed unchanged at the previous reading of 4.65 percent, according to the National Interbank Funding Center.
Based on the quotes made by quoting banks by adding a few basis points to the interest rate of open market operations (mainly referring to the rate of the medium-term lending facility, or MLF), the LPR is calculated by the NIFC to serve as the pricing reference for bank lending. Currently, the LPR consists of rates with two maturities 鈥 one year and over five years.
The quoting banks submit their quotes before 9am on the 20th day of every month. The NIFC calculates and releases the LPR at 9:30am on the same day, or the next working day.
The unchanged LPRs are in line with market expectations as interest rates of recent open market operations have been stable, said Wen Bin, China Minsheng Bank chief analyst.
Monetary policy operations are becoming more regular and targeted amid effective epidemic control and a recovering economy, Wen said, adding that the possibility of reserve requirement ratio and interest rate cuts will be smaller.
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