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China keeps benchmark lending rate at 3.45%
China’s central bank announced today that it will keep its benchmark lending rate at 3.45% for the ninth straight month, matching analysts’ expectations that no change was coming.
© Lusa
Economia China
In the monthly update published on its portal, the People's Bank of China indicated that the one-year loan prime rate (LPR) will remain at the same level for at least another month.
This indicator, established as a reference for interest rates in 2019, is used to set the price of new loans -- generally for companies -- and those with variable interest rates that are pending repayment.
The indicator is calculated based on contributions to the prices of a series of banks - including small creditors that tend to have higher financing costs and greater exposure to bad debt - and aims to reduce financing costs and support the "real economy".
The last reduction in the one-year LPR dates back to August 2023, when the central bank announced a ten-point cut, from 3.55% to the current 3.45%, a more prudent decision than analysts had anticipated at the time.
The central bank also indicated today that the LPR for five years or more -- the reference for housing credit -- will remain at 3.95%, although in this case the last reduction dates back to two months ago.
In February, the institution lowered this indicator by 25 basis points, from 4.2% to 3.95%. It was the biggest drop since the Chinese authorities created the LPR system in 2019, and also exceeded market expectations, which anticipated a 15 basis point drop.
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