FOREX TradingCharts.com

Financial News: China Maintains Benchmark Lending Rates

China Maintains Benchmark Lending Rates

03/19/2020 - 23:26:00 (RTTNews)

(RTTNews) - China left its benchmark lending rates unchanged on Friday, defying expectations for a reduction as economic activity faces severe downturn after the outbreak of coronavirus, or covid-19.

The one-year loan prime rate was retained at 4.05 percent and the five-year loan prime rate at 4.75 percent. The one-year LPR was last reduced in February, by 10 basis points.

Although rates were kept unchanged, monetary conditions are still easing as the People's Bank of China has been using a broad set of instruments to ensure that credit keeps flowing despite disruptions to activity, Julian Evans-Pritchard, an economist at Capital Economics said.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.

Although official data showed sharp contractions in industrial production, retail sales and fixed asset investment during January to February period, the central bank refrained from cutting the medium term lending rate on Monday.

The central bank had injected $14.3 billion into the financial system this week via medium-term lending facility with the rate unchanged at 3.15 percent.

Nonetheless, the bank reduced the reserve requirement ratio for qualified banks with effect from March 16, releasing CNY 550 billion into the financial system.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Japan Eco Watchers Current Conditions, Outlook Weaken Sharply (17 min(s), 53 sec(s) ago)
(RTTNews) - A measure of the public assessment of the Japanese economy fell for the second month i ...Full Story»

Australia Housing Loans Fall Unexpectedly In February (31 min(s), 53 sec(s) ago)
(RTTNews) - Australia's housing loans declined in February, data from the Australian Bureau of ...Full Story»

S&P Lowers Australia's Rating Outlook To Negative (16 min(s), 07 sec(s) ago)
(RTTNews) - S&P Global Ratings revised the outlook on Australia's rating outlook to negati ...Full Story»

Philippine Trade Deficit Narrows In February (13 min(s), 07 sec(s) ago)
(RTTNews) - The Philippine trade deficit declined in February from last year as exports rose and i ...Full Story»

Japan Feb. Core Machine Orders Climb 2.3% (45 min(s), 07 sec(s) ago)
(RTTNews) - Core machine orders in Japan rose a seasonally adjusted 2.3 percent on month in Februa ...Full Story»

Japan Has Y3,168.8 Billion Current Account Surplus In February (20 min(s), 07 sec(s) ago)
(RTTNews) - Japan had a current account surplus of 3,168.8 billion yen in February, the Ministry o ...Full Story»

Japan Core Machine Orders Rise 2.3% In February (10 min(s), 07 sec(s) ago)
(RTTNews) - Core machine orders in Japan were up a seasonally adjusted 2.3 percent on month in Feb ...Full Story»

Japan Core Machine Order Data Due On Wednesday (07 sec(s) ago)
(RTTNews) - Japan will on Wednesday release February figures for core machine orders and current a ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Japan Eco Watchers Current Conditions, Outlook Weaken Sharply

04/08/2020 - 01:42 AM (RTTNews)
(RTTNews) - A measure of the public assessment of the Japanese economy fell for the second month i ...Full Story>>

Australia Housing Loans Fall Unexpectedly In February

04/08/2020 - 01:28 AM (RTTNews)
(RTTNews) - Australia's housing loans declined in February, data from the Australian Bureau of ...Full Story>>

S&P Lowers Australia's Rating Outlook To Negative

04/07/2020 - 23:16 PM (RTTNews)
(RTTNews) - S&P Global Ratings revised the outlook on Australia's rating outlook to negati ...Full Story>>

Philippine Trade Deficit Narrows In February

04/07/2020 - 23:13 PM (RTTNews)
(RTTNews) - The Philippine trade deficit declined in February from last year as exports rose and i ...Full Story>>

Japan Feb. Core Machine Orders Climb 2.3%

04/07/2020 - 20:45 PM (RTTNews)
(RTTNews) - Core machine orders in Japan rose a seasonally adjusted 2.3 percent on month in Februa ...Full Story>>
Copyright © 2020. 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.