Economic Buzz: China Keeps Lending Rates Steady

15 Feb 2022 , 03:39 PM

Chinas central bank kept its medium-term lending facility rate unchanged on Tuesday. The Peoples Bank of China retained its one-year medium term lending facility rate at 2.85%. The bank had reduced the rates on lending facilities by 10 basis points in January. In January, the one-year loan prime rate was cut by 5 basis points to 3.70%, which was the second consecutive reduction and the five-year LPR, the benchmark for mortgage rates, was lowered for the first time since April 2020, to 4.60%.

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