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China central bank says will continue to push forward LPR reform

FILE PHOTO: Man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing
FILE PHOTO: Man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing

BEIJING (Reuters) - China's central bank will continue to push forward the reform of Loan Prime Rate (LPR) and bring deposit interest rates into line with market rates, the People's Bank of China said on Tuesday.

A majority of new loans from financial institutions is now issued using LPR as benchmark, while over 92% of outstanding floating-rate loans have been converted to use LPR, PBOC said in a statement.

(Reporting by Stella Qiu and Kevin Yao; Editing by Catherine Evans)