The People’s Bank of China (PBOC) today left the benchmark one-year lending rate (LPR) unchanged at 3.7% and the benchmark five-year lending rate at 4.6%.
China’s one-year LPR rate is a measure of private lending rates. The 5-year LPR rate is an index measuring the direction of household interest rates, including mortgage rates.
Previously, analysts had predicted that China’s central bank might lower interest rates on both types of LPR loans to mitigate the impact of the government’s announced lockdowns in various cities to prevent the spread of COVID-19.
The National Interbank Fundraising Center, an organization affiliated with the People’s Bank of China, announces the level of LPR interest rates on a monthly basis.