People's Bank of China leaves Loan Prime Rates (LPRs) unchanged

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:

• Yuan rate setting coming up - may flip for the first time in months

People's Bank of China Governor Pan Gongsheng