China keeps benchmark loan interest rates unchanged

The People’s Bank of China left its benchmark lending rates unchanged The People’s Bank of China left its one- and five-year lending rates unchanged at 3.45 percent and 3.95 percent respectively. The one-year LPR serves as the benchmark for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages. Economists also expected both benchmark lending rates to remain unchanged. The People’s Bank of China said in a statement that Wu Qing, the new chairman of the China Securities Regulatory Commission (CSRC), has replaced his predecessor Yi Huiman on the committee. The statement also said that two new academic members, Huang Yiping from Peking University and Huang Haizhou from Tsinghua University, have been added to the committee.