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Chinese Banks Keep Lending Rate Unchanged After PBOC Hold
Chinese banks left their benchmark lending rates unchanged following the central bank’s decision last week to hold a key rate on loans it offers to lenders. The one-year loan prime rate was held at 3.45% on Monday as expected by economists surveyed by Bloomberg. The five-year rate, a reference for mortgages, was kept at 3.95%, according to the People’s Bank of China, in line with forecasts. China’s economic recovery has been driven by strength in the industrial sector, but domestic demand has remained stubbornly weak as the property downturn persists. Credit posted a shock shrinkage in April for the first time ... (full story)