The People's Bank of China left its Loan Prime Rates (LPRs) unchanged, as was expected.
- 1-year LPR at 3.35%
- 5-year LPR at 3.85%
Both were lowered by 10bp in July. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.
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The reference rate setting is due next, and could be interesting:
![People's Bank of China Governor Pan Gongsheng](https://images.forexlive.com/images/People%27s%20Bank%20of%20China%20Governor%20Pan%20Gongsheng_id_6bfdf677-22da-4be5-a5dc-e222f5983185_original.jpeg)
People's Bank of China Governor Pan Gongsheng