The People's Bank of China has not changed the benchmark loan interest rate

Contrary to market expectations, the People’s Bank of China kept its benchmark lending rate unchanged. The People’s Bank of China kept its main lending rate (LPR) unchanged at its meeting on the last trading day before the Lunar New Year holiday. In line with market expectations, the bank kept the 1-year LPR rate at 3.65 percent and the 5-year LPR rate, which is considered a reference for housing loans, at 4.30 percent. The last time the People’s Bank of China changed its 1- and 5-year LPR rates was in August. Economists expect the People’s Bank of China to lower LPR rates at its next meeting.