China keeps its 1-year loan prime rate unchanged at 3.85%, as expected
|- China keeps its 1-year loan prime rate unchanged at 3.85%, as expected.
- The 5-year loan prime rate is unchanged at 4.65%, as expected as well.
The People's Bank of China (PBoC) left its benchmark interest rates for corporate and household loans steady for the 15th straight month at its July fixing, as the economy continues to recover from the downturn caused by the COVID-19 shocks. The one-year loan prime rate (LPR) was left unchanged at 3.85%, while the five-year remained at 4.65%.
The impact on the market was nil, as investors stay out of risky asset classes pertaining to the fears of the delta wave covid variant and possible negative ramifications for global growth.
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