PBOC sets 1 year rate at 3.85%, as expected, and 5 year 4.65%, as expected

China monthly Loan Prime Rate setting left unchanged from the previous month.

• LPR is set in reference to the rate on the PBOC's medium-term lending facility (MLF)
• its a lending reference rate set monthly by 18 banks

1 year rate at 3.85%, its lowest ever (the rate was first set on in January 2019). 5 yr at its lowest since August of 2019.