China sets new 1-year loan prime rate at 4.25%

Omkar Godbole FXStreet Contributor

China has set the new (reformed) 1-year loan prime rate (LPR) at 4.25% – slightly lower than 4.31% seen under previous calculation.

Most banks were expecting a drop of 10 to 25 basis points, according to zerohedge.

The People's Bank of China on Saturday announced a market based interest-rate mechanism to reduce financing costs for businesses struggling due to an economic slowdown.

China introduces market driven lending rate to boost cheap funding for businesses

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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