China keeps lending benchmark unchanged, defying market expectations

SHANGHAI : China kept its benchmark lending rates for corporate and household loans steady at its April fixing on Wednesday, defying expectations, as Beijing has become more cautious in rolling out easing measures to aid a slowing economy.

The one-year loan prime rate was kept at 3.70 per cent, same as previously, and the five-year LPR was unchanged at 4.60 per cent. A vast majority of the 28 traders and analysts surveyed in a snap Reuters poll this week expect a reduction this month. Among them, 11, or 39 per cent of all respondents, predicted a marginal cut of 5 basis points in both rates.

Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.

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