China keeps benchmark lending rates unchanged as expected in June By Reuters

© Reuters. FILE PHOTO: Woman holds Chinese Yuan banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

SHANGHAI (Reuters) – China kept its benchmark lending rates for corporate and household loans steady at its June fixing on Monday, matching market expectations.

The one-year loan prime rate (LPR) was kept at 3.70%, and the five-year LPR was unchanged at 4.45%.

About 90% of traders and analysts in a Reuters survey last week expected China to both rates unchanged, as global central bank tightening limits room for policy manoeuvre to arrest an economic slowdown.

Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.

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