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China unexpectedly keeps reference lending rates unchanged in March

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China kept its reference lending rate unchanged on Friday, defying expectations for an interest rate cut to lower borrowing costs for the economy disrupted by the coronavirus pandemic.

The one-year loan prime rate (LPR) was left unchanged at 4.05 per cent from the previous monthly fixing while the five-year LPR remained at 4.75 per cent.

On Monday, the central bank injected 100 billion yuan liquidity via one-year Medium-Term Lending . . .

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