SHANGHAI, Oct 26 (Reuters) - China’s one year loan prime rate, a daily benchmark lending rate compiled from nine commercial banks nationwide, was down 25 basis points on Monday - matching the central bank’s quarter percentage point interest rate cut on Friday evening.
The loan prime rate is announced every day at 11:30am, and since March has consistently averaged 5 basis points below the benchmark rate.
Prior to Friday’s interest rate cut, the prime rate was at 4.55 percent, against the central bank’s policy target of 4.60 percent.
Following the rate cut, the one-year policy rate is now at 4.35 percent. (Reporting By the Shanghai Newsroom; Editing by Shri Navaratnam)