December 20, 2019 / 1:41 AM / a month ago

China leaves new lending benchmark LPR unchanged in Dec, as expected

SHANGHAI, Dec 20 (Reuters) - China stood pat on its lending benchmark rate on Friday, as widely expected, after the central bank kept borrowing costs of medium-term loans steady earlier this month.

The one-year loan prime rate (LPR) was unchanged at 4.15% from the previous monthly fixing. The five-year LPR also remained the same at 4.80%.

A Reuters snap survey published on Thursday showed that near 74% of all 53 participants predicted no change to the LPR this month.

The LPR is a lending reference rate set monthly by 18 banks. The People’s Bank of China revamped the mechanism to price LPR in August, loosely pegging it to the medium-term lending facility rate. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Jacqueline Wong)

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