China leaves lending benchmarks unchanged for 3rd straight month in Nov By Reuters

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© Reuters. FILE PHOTO: The headquarters of the People’s Bank of China, the central bank, in Beijing, China, February 3, 2020. REUTERS/Jason Lee

SHANGHAI (Reuters) – China kept its benchmark lending rates unchanged for a third straight month at the monthly fixing on Monday, matching market expectations.

The one-year loan prime rate (LPR) was kept at 3.65%, while the five-year LPR was unchanged at 4.30%.

In a Reuters poll of 22 market watchers conducted last week, all respondents predicted no change to the one-year LPR. However, five participants expected a reduction to the five-year tenor.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China last cut both LPRs in August to boost the economy.

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