China's central bank will use the loan prime rate (LPR) as a new benchmark ...
BEIJING - China’s central bank will use the loan prime rate as a new benchmark for pricing existing floating-rate loans, in a step that analysts say could help lower borrowing costs and underpin economic growth.
Starting on Jan. 1, financial institutions will be prohibited from signing floating-rate loan contracts based on the previous benchmark bank lending rate, the People’s Bank of China said in a statement on its website on Saturday. “The purpose of the step is to make interest rates more market-driven and help lower financing costs,” said Wen Bin, an economist at Minsheng Bank in Beijing.The previous benchmark bank lending rate has been kept steady at 4.35% since October 2015.Analysts expect the central bank to cut the MLF rate by 20-30 basis points in 2020, which could pave the for way for lowering the LPR further.China’s economic growth slowed to 6.
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