Financial News: China Keeps Interest Rates Unchanged

China Keeps Interest Rates Unchanged

12/20/2024 - 01:29:00 (RTTNews)

(RTTNews) - The People's Bank of China maintained its interest rates unchanged for the second straight session on Friday.

The PBoC maintained its one-year loan prime rate at 3.10 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.60 percent. The move was widely expected.

The bank had cut its both LPRs by 25 basis points each in October.

The PBoC 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.

Beijing has unveiled a range of fiscal and monetary easing to uplift the economy. But recent economic data suggests that the economy still faces deflationary pressures and domestic demand remain subdued.

The announcement came after the US Federal Reserve reduced its interest rate by an additional quarter point on Wednesday as widely expected by analysts. However, Fed official indicated fewer than previously forecast rate cuts next year.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Prices Inch Higher In November, Annual Growth Accelerates Slightly Less Than Expected (17 min(s), 08 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Slovenia Producer Prices Fall At Slower Rate (31 min(s), 08 sec(s) ago)
(RTTNews) - Slovenia's producer prices continued their declining trend in November, figures fr ...Full Story»

Croatia Jobless Rate Rises To 5.0% (46 min(s), 08 sec(s) ago)
(RTTNews) - Croatia's unemployment rate increased for the second straight month in November, f ...Full Story»

Denmark Economy Grows Less Than Estimated In Q3 (01 hr(s), 04 min(s), 08 sec(s) ago)
(RTTNews) - The Danish economy expanded less than initially estimated in the third quarter, the ...Full Story»

U.S. Consumer Prices Inch Up Slightly Less Than Expected In November (01 hr(s), 19 min(s), 08 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Sweden Producer Prices Rise, Retail Sales Growth Remains Stable (01 hr(s), 27 min(s), 08 sec(s) ago)
(RTTNews) - Producer prices in Sweden increased for the first time in three months in November, wh ...Full Story»

UK Retail Sales Rise Less Than Forecast (01 hr(s), 39 min(s), 08 sec(s) ago)
(RTTNews) - UK retail sales grew for the first time in three months in November but the pace of ex ...Full Story»

Italy Producer Prices Rise 1.2% In November (02 hr(s), 14 min(s), 08 sec(s) ago)
(RTTNews) - Italy's producer prices increased for the second straight month in November, data ...Full Story»