The Strategist

China's Central Bank keeps LPR rate unchanged

07/20/2023 - 10:59

The LPR base rate remains at 3.55 percent, unchanged by the People's Bank of China.

According to information posted on the regulator's website, the People's Bank of China (Central Bank) held the prime lending rate for prime borrowers (LPR, loan prime rate) at the 3.55 percent level from the previous month.

The yearly LPR, which replaced the previous lending standard in August 2019, remained constant at 3.85 percent from April 2020 to December 2021. It then decreased to 3.8% in December 2021, to 3.7% in January 2022, to 3.65% in August 2022, and to 3.55 percent in June 2023.

China's Central Bank reported on Thursday that the one-year LPR was at 3.55 percent. The five-year LPR rate, which many lenders use to determine their mortgage rates, held steady at 4.2% from June.