The 1-year main interest rate for banks in China was kept constant at 3.7 percent.
Chinese banks did not change the benchmark interest rate in the third month. The 1-year main interest rate (LPR) for bank loans in China was kept constant at 3.7 percent.
The majority of economists expected a rate cut. In its latest decision, the People’s Bank of China also decided to keep the interest rate constant, despite the expectations of interest rate cuts.
However, the PBOC had cut rates by 25 basis points for most banks and 50 basis points for smaller banks to support the economy at a time when cases were on the rise again.
