China's banks kept their benchmark loan rates unchanged for September, after the slowdown in the world's second-largest economy following recent policy support.
The People's Bank of China kept its one-year loan prime rate — the peg for most household and corporate loans in China — unchanged at 3.45%. The five-year benchmark loan rate — the peg for most mortgages — was held at 4.2%, according to a statement Wednesday from the People's Bank of China.
This is aligned with economists' expectations for September after the PBOC kept its medium-term policy rate steady last Friday, following a second cut in the reserve requirement ratio requirements this year for all banks announced last Thursday.
China's loan prime rate is calculated each month from the proposed rates the People's Bank of China receives from 18 designated commercial banks.
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