China left its main lending rates unchanged on Tuesday, as widely expected, after lowering the rates last month. The Peoples Bank of China retained its five-year loan prime rate, or LPR, the benchmark for mortgage rates, at 4.30 percent. The one-year loan prime rate was left unchanged at 3.65 percent after cutting it by 5 basis points in August. The LPR is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. The LPR replaced the central banks traditional benchmark lending rate in August 2019.Powered by Commodity Insights
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