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China's 1-year loan prime rate remains unchanged in May

21 May '24
1 min read
China's 1-year loan prime rate remains unchanged in May
Pic: Adobe Stock

Insights

  • China's one-year loan prime rate (LPR) stayed at 3.45 per cent in May, unchanged from the previous month.
  • The over-five-year LPR also remained at 3.95 per cent. In February 2024, the over-five-year rate was cut by 25 basis points.
  • The stable LPR is expected to support the country's credit market, reduce financial costs, and aid economic recovery.
China's one-year loan prime rate (LPR) remains steady at 3.45 per cent in May, unchanged from the previous month, as per the National Interbank Funding Center. Similarly, the over-five-year LPR, which many lenders use to determine mortgage rates, held at 3.95 per cent.

In February, China reduced the over-five-year rate by 25 basis points to 3.95 per cent, marking the most significant cut in recent years. The one-year LPR, however, remained unchanged during that period.

The stability in the LPR is anticipated to support the credit market, lower financial costs for businesses and individuals, and contribute to a steady economic recovery in China, according to Chinese media reports.

ALCHEMPro News Desk (DP)
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