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China keeps lending benchmark rate unchanged for 13th straight month

·1-min read
Hazy day in Beijing

SHANGHAI (Reuters) - China kept its benchmark lending rate for corporate and household loans unchanged for the 13th straight month at its May fixing on Thursday, in line with market expectations.

The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%.

Twenty-two traders and analysts, or 92% of all 24 participants, in a snap Reuters poll conducted this week predicted no change in either rate.

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

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Jacqueline Wong)

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