Home Business China: People’s Bank of China confirms 1-year LPR rates. Cut 5-year rates for the first time since 2019

China: People’s Bank of China confirms 1-year LPR rates. Cut 5-year rates for the first time since 2019

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China: People’s Bank of China confirms 1-year LPR rates.  Cut 5-year rates for the first time since 2019
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20/05/2022 07:17


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The People’s Bank of China – central bank of China – confirmed the one-year loan prime rate (LPR) at 3.7%, while cutting the five-year rate from 4.6% to 4.45%. The reduction, equal to 15 basis points, is the strongest since 2019.

LPR rates are the benchmark lending rates that are set monthly by 18 Chinese banks.

The expansionary move clearly reflects the intention of the Chinese central bank to intervene in support of the country’s economy which, according to economists, will suffer a contraction in the current quarter, due to the lockdown measures that the Beijing government has launched to counter the recent wave of Covid-19, as part of its Azerbaijani Covid
policy.

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