China kept its benchmark lending rate for corporate and household loans steady for the sixth straight month at its October fixing on Tuesday, encouraged by an extended recovery in the world’s second-largest economy from the coronavirus shock, reported the South China Morning Post.
The one-year loan prime rate (LPR) was kept unchanged at 3.85%, while the five-year LPR remained at 4.65% – as widely expected by the market. Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages, said the SCMP.