China kept benchmark lending rate unchanged for 11th consecutive month, PBOC governor Yi Gang said rate level moderate

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The People's Bank of China (PBOC) kept its benchmark lending rate unchanged for the 11th consecutive month, in a further sign policymakers are proceeding cautiously to maintain sufficient support for the economy while gradually reducing stimulus to reduce debt levels and financial risks.

The central bank maintained the one-year Loan Prime Rate (LPR) at 3.85 per cent, while the five-year LPR remained at 4.65 per cent.

Most new and outstanding bank loan interest rates are based on the LPR, with the five-year rate influencing the pricing of property mortgages . . .

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