People’s Bank of China holds benchmark lending rates steady for second consecutive meeting
Date
12/21/2024 12:48:40 PM
(MENAFN)
The People’s bank of China (PBOC) decided to keep its benchmark lending rates unchanged on Friday for the second consecutive meeting, in line with market expectations.
The one-year loan prime rate (LPR), a critical indicator for corporate and household borrowing, remained at 3.10 percent.
Similarly, the five-year LPR, which serves as the benchmark for mortgages, stayed at 3.6 percent.
Both rates are at historic lows, following reductions in July and October.
This conclusion comes after the US Federal Reserve's anticipated 25-basis-point rate cut on Wednesday, with the Fed also signaling plans for only two rate reductions in 2025, a shift from the four cuts originally expected in its September forecast.
Earlier this month, Chinese lawmakers reiterated their dedication to further monetary easing, pledging extra measures, such as possible interest volume cuts, to support economic growth.
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