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China leaves benchmark lending rates unchanged as expected, despite Fed rate cut
China kept its benchmark lending rates unchanged for the fourth month in a row on Monday despite the U.S. Federal Reserve’s interest rate cut last week. The People’s Bank of China kept the one-year loan prime rate (LPR) unchanged at 3.0% while the five-year LPR at 3.5%, respectively, according to a statement Monday. The one-year LPR influences most new and outstanding loans, while the five-year rate influences the pricing of mortgages. The Monday decision came in line with economists’ expectations that Chinese authorities would hold off major stimulus measures amid a recent stock market rally, despite a string ... (full story)
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