The People's Bank of China urged banks to base the interest rates on their new lending on the loan prime rate (LPR) - the new reference rate set by the central bank - as soon as possible.
In a meeting with officials of 24 financial institutions, Yi Gang, the governor of the PBOC, asked them to remove an implicit floor in lending rates and lower real loan interest rates, according to a statement released by the central bank.
The central bank . . .
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