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Financial News: China Cuts Longer-Term Benchmark Lending Rate

China Cuts Longer-Term Benchmark Lending Rate

02/19/2024 - 23:18:00 (RTTNews)

(RTTNews) - China lowered the longer-term benchmark lending rate at a slightly sharper than expected pace on Tuesday.

The People's Bank of China cut its five-year loan prime rate, the benchmark for mortgage rates, to 3.95 percent from 4.20 percent. The bank was expected to lower the rate to 4.10 percent.

The one-year LPR was left unchanged at 3.45 percent.

The one-year LPR was last reduced by 10 basis points in August and the five-year LPR was cut by similar 10 basis points in June.

The Chinese central bank fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing. The LPR replaced the traditional benchmark lending rate in August 2019.

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