22nd May 2023 – (Hong Kong) China’s one-year loan prime rate (LPR), a market-based benchmark lending rate, remained unchanged at 3.65 percent on Monday, according to the National Interbank Funding Center. The over-five-year LPR, which many lenders base their mortgage rates on, also remained unchanged at 4.3 percent. The monthly data is a pricing reference rate for banks and is based on rates of the central bank’s open market operations, particularly the medium-term lending facility rate.
China lowered the one-year rate by 5 basis points to 3.65 percent in August 2022, and the over-five-year rate was also slashed last year. The unchanged rates suggest that China’s central bank is maintaining a stable monetary policy to support economic growth.