China leaves interest rates unchanged in line with expectations

People's Bank of China keeps 1-year loan prime rate at 3.65%, 5-year rate at 4.3%

By Tuba Sahin

ANKARA (AA) - The People’s Bank of China (PBoC) on Monday left its benchmark interest rates unchanged for the sixth consecutive month, widely in line with expectations.

The one-year loan prime rate (LPR) – the medium-term lending facility uses for corporate and household loans – was held constant at 3.65%, the central bank said in a release on Monday.

It kept the five-year LPR, a reference for mortgages, unchanged at 4.3%.

The bank last week left its medium-term lending facility loans steady at 2.75% while injecting more liquidity into the banking system as corporate loan demand recovers.

China's annual inflation rate increased from 1.8% in December 2022 to 2.1% in January 2023, the highest in three months.

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