(MENAFN) The People’s Bank of China decreased its benchmark loan volume for the first time since April last year due to the increase of financial stresses.
The bank dropped its annual loan prime rate (LPR) by 5 basis points to 3.8 percent, dropping from 3.85 percent, while the bank determined to keep its five-year LPR stable at 4.65 percent.
The bank had dropped the one-year benchmark loan volume to 3.84 percent from 4.05 percent last April.
LPR, which is the valuing reference for bank loaning, is planned by the National Interbank Funding Center since August 2019.
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