The unchanged rates were widely expected after the MLF was unchanged last week: • People's Bank of China set MLF rate at 2.5% (prior 2.5%). This is usually (not always) a reliable guide that LPR rates will remain unchanged. That didn't happen in February. The MLF was unchanged in February but we got a big cut to the 5-year LPR. • PBOC Rate CUT ___ (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%). • The 1 year rate was last changed in August 2023: PBOC Loan Prime Rates (LPR) CUT: 1-year 3.45% (prior 3.55%) & 5-year 4.2% (prior 4.20%). --- The PBOC's Loan Prime Rate (LPR): Its an interest rate benchmark used ... (full story)