PBOC 1 and 5 year Loan Prime Rates left unchanged at 3.85% and 4.65% respectively

People's Bank of China

1 year LPR 3.85%

• expected 3.85%, prior 3.85%

5 year LPR 4.65%

• expected 4.65%, prior 4.65%

These benchmark rates have been unchanged for 19 months. Given the People's Bank of China (PBOC) left the interest rate on its medium-term loans (MLF) unchanged last week this unchanged was the expected today. The MLF interest rate sets a baseline for commercial bank LPR rates.