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Financial News: China Retains Loan Prime Rate

China Retains Loan Prime Rate

01/19/2020 - 22:26:00 (RTTNews)

(RTTNews) - China left its benchmark lending rates for the second straight month, on Monday.

The one-year loan prime rate was retained at 4.15 percent and the five-year loan prime rate at 4.80 percent.

The rate was last reduced in November, which was the first reduction since the new lending rate was introduced.

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 central bank's traditional benchmark lending rate in August.

The People's Bank of China reportedly introduced CNY 250 billion into the financial system via reverse repo on Monday.

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