China to switch benchmark for floating-rate loans to lower funding costs - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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China to switch benchmark for floating-rate loans to lower funding costs sabcnews

Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China September 28, 2018.

Starting on Jan. 1, financial institutions will be prohibited from signing floating-rate loan contracts based on the previous benchmark bank lending rate, the People’s Bank of China said in a statement on its website on Saturday. “The purpose of the step is to make interest rates more market-driven and help lower financing costs,” said Wen Bin, an economist at Minsheng Bank in Beijing.The previous benchmark bank lending rate has been kept steady at 4.35% since October 2015.Analysts expect the central bank to cut the MLF rate by 20-30 basis points in 2020, which could pave the for way for lowering the LPR further.China’s economic growth slowed to 6.

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