China kept its benchmark lending rate steady for the third straight month today, matching market expectations, amid signs that the world’s second-largest economy is recovering from the shock coronavirus pandemic, Reuters reports. The one-year loan prime rate (LPR) is unchanged at 3.85 percent, while the five-year LPR remained at 4.65 percent. Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages.

Source: The Standard July 20, 2020 02:03 UTC