PBoC keeps key lending rates steady

People’s Bank of China

China’s central bank today (October 20) kept its benchmark lending rates unchanged, as the yuan faces increasing downward pressure.

The People’s Bank of China kept the one-year loan prime rate (LPR) at 3.65%. It also maintained the five-year LPR, a reference rate for mortgages, at 4.3%.

The PBoC’s move to hold the benchmark rates had been expected by the market after the central bank kept its key policy rates steady earlier this week.

The yuan’s depreciation against the US dollar has

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