China's new lending reference rate was set slightly lower on Tuesday in the...
SHANGHAI - China’s new lending reference rate was set slightly lower on Tuesday in the first publication of the benchmark since the central bank announced interest rate reforms designed to lower corporate borrowing costs.
The new one-year Loan Prime Rate CNYLPR1Y=CFXS was set at 4.25% on Tuesday, down 6 basis points from 4.31% previously. It was 10 basis points lower than the PBOC’s existing benchmark one-year lending rate. Analysts and investors say the reforms are an official attempt to lower financing costs in the world’s second largest economy, which has faced continued pressure from weakening demand at home and an extended trade war with the United States.
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