China keeps loan prime rate unchanged after surprise cut in July
Investing.com-- The People’s Bank of China kept its benchmark loan prime rate unchanged on Tuesday after a surprise cut in July, with Beijijng maintaining ultra-loose monetary policies to help support economic growth.
The LPR is determined by the PBOC based on considerations from 18 designated commercial banks, and is used as a benchmark for lending rates in the country. The five-year rate is closely tied to China’s property market, which has been struggling with nearly four years of slowing sales and an extended cash crunch.
July’s rate cut was the PBOC’s first such move in nearly a year. But the central bank has consistently kept policy loose to help foster an economic recovery in China, to limited effect.
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