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China holds key lending rates as softening consumer sentiment persists in world's second largest economy
China kept its benchmark lending rates steady on Monday as the country continues to grapple with weak consumer sentiment and softening growth. The People’s Bank of China held the 1-year loan prime rate at 3.0% and the 5-year LPR at 3.5%. LPR, normally charged to banks’ best clients, is calculated based on a survey of dozens of designated commercial banks that submit proposed rates to the central bank. The 1-year LPR influences corporate and most household loans in China, while the 5-year LPR serves as a benchmark for mortgage rates. The decision comes after the country announced that GDP growth in the second ... (full story)
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