Confirmed: PBOC leaves Loan Prime Rates unchanged in September
The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Monday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively.
On Monday, the People's Bank of China (PBOC) declared it would maintain its Loan Prime Rates (LPRs) at 3.00% for one-year and 3.50% for five-year periods. The PBOC's primary goals are to maintain price stability and promote economic growth, while implementing financial reforms. The bank, owned by the state, operates under the influence of the Chinese Communist Party (CCP) Committee Secretary, currently held by Pan Gongsheng.
Unlike Western economies, the PBOC employs a broader range of tools, such as the seven-day Reverse Repo Rate (RRR) and foreign exchange interventions. The LPR is a key benchmark for loan and mortgage rates, as well as savings interest rates. The PBOC's actions can also impact the Chinese Renminbi's exchange rate. China has 19 private banks, with WeBank and MYbank being the largest, backed by Tencent and Ant Group, respectively.
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