China Keeps Benchmark Rates Unchanged As Expected
19 Abril 2023 - 10:34PM
RTTF2
China's central bank maintained its benchmark rates on Thursday,
as widely expected, as the economy logged a strong growth after the
unwinding of zero-Covid policy.
The People's Bank of China left its one-year loan prime rate, or
LPR, unchanged at 3.65 percent. Similarly, the five-year LPR, the
benchmark for mortgage rates, was retained at 4.30 percent.
Earlier, the bank had reduced the five-year LPR rate by 15 basis
points each in May and August 2022, and by 5 basis points in
January 2022. The one-year LPR was last lowered in August 2022.
The LPR is fixed monthly based on the submission of 18 banks,
though Beijing has influence over the rate-setting. The LPR
replaced the central bank's traditional benchmark lending rate in
August 2019.
Markets widely anticipated the PBoC to hold the LPR today as the
medium-term lending facility, or MLF, which acts as a guide to the
LPR, was kept unchanged early this week.
On Monday, the PBoC had added CNY 170 billion via one-year MLF
at an interest rate of 2.75 percent. The bank also conducted
seven-day reverse repo operations worth CNY 20 billion at a rate of
2.00 percent.
In the first quarter, the second-largest economy logged an
annual growth of 4.5 percent, stronger than the 2.9 percent
expansion registered in the fourth quarter of 2022, official data
showed early this week.
After a weaker 3.0 percent economic growth in 2022, the Chinese
government set a moderate growth target of around 5.0 percent for
this year.
The International Monetary Fund had projected growth outlook for
China at 5.2 percent this year and 4.5 percent in 2024.
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