The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.6 per cent, according to the National Interbank Funding Centre.
China’s one-year loan prime rate (LPR) was kept unchanged from the previous month at 3.1 per cent today.
The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.6 per cent, according to the National Interbank Funding Centre.
The lower lending rate is likely to help relieve the financing burden on enterprises and individuals.
The LPR has dropped thrice this year, with the one-year rate down by 35 basis points (bps) in total and the five-year rate down by 60 bps.
The lower lending rate is expected to help relieve the financing burden on enterprises and individuals, thereby, stimulating business investment and strengthening consumers’ purchasing power, a state-controlled news outlet reported
During last week’s Central Economic Work Conference, Chinese policymakers decided to implement a moderately loose monetary policy in 2025.
The government will reduce the reserve requirement ratio and interest rates at an appropriate timing to ensure that the growth of social financing and money supply match the expected targets for economic growth and price levels.
Fibre2Fashion News Desk (DS)
