People's Bank of China policy rate setting. LPRs set at: • 3.45% for the one-year (previously 3.45%) • 3.95% for the five-year (previously 4.20%) • first cut to the 5-year since August • 25bp is the largest cut ever The 5-year rate serves as an influence on mortgage rates. The cut to the 5-year will therefore be a positive for China's deeply troubled property sector. The PBOC's Loan Prime Rate (LPR): • Its an interest rate benchmark used in China, set by the People's Bank of China each month. • The LPR serves as a reference rate for banks when they determine the interest rates for (primarily new) loans issued to ... (full story)