China stood pat on its lending benchmark rate on Friday, as widely expected, aft...
SHANGHAI - China stood pat on its lending benchmark rate on Friday, as widely expected, after the central bank kept borrowing costs of medium-term loans steady earlier this month.
The one-year loan prime rate CNYLPR1Y=CFXS was unchanged at 4.15% from the previous monthly fixing. The five-year LPR CNYLPR5Y=CFXS also remained the same at 4.80%. China will not resort to quantitative easing even as the monetary policies of the world’s major economies are approaching zero interest rates, Yi wrote in an article published by the leading Communist Party’s theoretical journal Qiushi.
Although the government has pledged to lower borrowing costs for smaller businesses to support the real economy, Serena Zhou, economist at Mizuho Securities in Hong Kong argued that cutting LPR may not be a “panacea” for China.
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