FOREX TradingCharts.com

Financial News: China Keeps Lending Rates Unchanged

China Keeps Lending Rates Unchanged

01/22/2024 - 01:09:00 (RTTNews)

(RTTNews) - China left its benchmark lending rates unchanged on Monday after the central bank maintained its medium-term lending facility rate last week.

The People's Bank of China maintained its one-year loan prime rate, or LPR, at 3.45 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was left unchanged at 4.20 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.

The central bank remained reluctant to cut the LPR as such an action would add downward pressure to the currency.

The PBoC was widely expected to keep the benchmark lending rates today as the medium-term lending facility, which acts as a guide to loan prime rates, was left unchanged at 2.50 percent last week.

The bank had added CNY 995 billion via the MLF on January 15. The interest rate was unchanged from the previous operation, at 2.5 percent, which was in contrast to the market expectations of rate cut.

The Chinese economy met the full year growth target in 2023 but the fourth quarter expansion missed expectations amid property crisis and weak global demand.

In 2023, GDP grew 5.2 percent after rising 3.0 percent in the previous year. In the fourth quarter, the economy logged 5.2 percent annual growth.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Construction Spending Unexpectedly Pulls Back Modestly In January (16 min(s), 18 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday unexpectedly showed a modest de ...Full Story»

U.S. Consumer Sentiment Unexpectedly Deteriorates In February (06 min(s), 18 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. unexpectedly deteriorated in the month of February, acc ...Full Story»

Atlanta Fed Lowers Q1 GDP Growth Projection To 2.1% (59 min(s), 18 sec(s) ago)
(RTTNews) - The Atlanta Fed on Friday lowered its GDP growth forecast for the first quarter, citin ...Full Story»

Fed Notes Inflation Has Eased Substantially But Remains Above Target (58 min(s), 18 sec(s) ago)
(RTTNews) - The Federal Reserve released its semi-annual monetary policy report to Congress on Fri ...Full Story»

BoE's Pill Says Cutting Bank Rate Remains Some Way Off (31 min(s), 18 sec(s) ago)
(RTTNews) - Bank of England Chief Economist Huw Pill said on Friday that an interest rate cut from ...Full Story»

Kansas City Fed Services Activity Index Jumps Into Positive Territory In February (20 min(s), 18 sec(s) ago)
(RTTNews) - Service sector activity in the middle of the U.S. saw a notable turnaround in the mont ...Full Story»

Fed's Waller Says Balance Sheet Plans Do Not Imply Anything About Policy Stance (51 min(s), 18 sec(s) ago)
(RTTNews) - Any decision by the Federal Reserve on balance sheet does not reflect the monetary pol ...Full Story»

U.S. Manufacturing Activity Unexpectedly Contracts At Faster Rate In February (09 min(s), 18 sec(s) ago)
(RTTNews) - Manufacturing activity in the U.S. unexpectedly contracted at an accelerated rate in t ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Construction Spending Unexpectedly Pulls Back Modestly In January

03/01/2024 - 13:06 PM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Friday unexpectedly showed a modest de ...Full Story>>

U.S. Consumer Sentiment Unexpectedly Deteriorates In February

03/01/2024 - 12:56 PM (RTTNews)
(RTTNews) - Consumer sentiment in the U.S. unexpectedly deteriorated in the month of February, acc ...Full Story>>

Atlanta Fed Lowers Q1 GDP Growth Projection To 2.1%

03/01/2024 - 12:49 PM (RTTNews)
(RTTNews) - The Atlanta Fed on Friday lowered its GDP growth forecast for the first quarter, citin ...Full Story>>

Fed Notes Inflation Has Eased Substantially But Remains Above Target

03/01/2024 - 12:48 PM (RTTNews)
(RTTNews) - The Federal Reserve released its semi-annual monetary policy report to Congress on Fri ...Full Story>>

BoE's Pill Says Cutting Bank Rate Remains Some Way Off

03/01/2024 - 12:21 PM (RTTNews)
(RTTNews) - Bank of England Chief Economist Huw Pill said on Friday that an interest rate cut from ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.