SHANGHAI: China cut its new one-year benchmark lending rate for the second month in a row on Friday, to 4.20%, as the central bank seeks to guide borrowing costs lower for an economy hit by the Sino-U.S. trade war.
The one-year LPR dipped to 4.20% at its monthly fixing on Friday, 5 bps lower than 4.25% in August. However, the five-year LPR was unchanged at 4.85%.
Friday's was the second reduction in the one-year LPR, a lending reference rate set by 18 banks that the PBOC revamped last month, loosely pegging it to the rate on its medium-term lending facility (MLF). The MLF rate at 3.3% was last cut in early 2016. - Reuters
source https://www.thesundaily.my/business/china-s-one-year-lending-benchmark-rate-cut-marginally-DB1388995
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