© Reuters. FILE PHOTO: In this illustration taken on May 30, 2022, a woman holds Chinese yuan banknotes. REUTERS/Dado Ruvic/Illustration
SHANGHAI (Reuters) – China on Monday kept its benchmark lending rate for businesses and households unchanged at the June fixed rate, in line with market expectations.
The one-year loan prime rate (LPR) remained unchanged at 3.70% and the five-year LPR was unchanged at 4.45%.
A Reuters poll last week showed about 90 percent of traders and analysts expected China to keep interest rates on hold, as tightening by global central banks limited policy space to stem a slowing economy.
Most new and outstanding loans in China are based on one-year LPRs. The five-year interest rate affects the pricing of mortgages.