Beijing contends with a weakening yuan while awaiting policy clues from the incoming Donald Trump’s administration.
The People's Bank of China held the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%, according to the PBOC statement.
The decision came ahead of Donald Trump's inauguration to be the next president of the U.S. on Monday. China's offshore yuan has lost more than 3% since Donald Trump's presidential election victory in early November. The tightly-controlled onshore yuan has also retreated to near a 16-month low.The People's Bank of China held the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%, according to the PBOC statement.
The 1-year LPR determines rates on corporate and most household loans, while the 5-year LPR acts as a reference for mortgage loans.China's offshore yuan has lost more than 3% since Donald Trump's presidential election victory in early November. The tightly-controlled onshore yuan has also retreated to nearin the final quarter of last year, as Beijing's stimulus measures announced since last September kicked in and helped the economy meet its annual growth target.
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