PBOC sets China's 1-year loan prime rate at 3.85%, 5-year at 4.65%. Both are unchanged and as expected.

As posted earlier today:

The 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.

• The PBOC conducted MLF lending last week, and kept the rate unchanged. The past 3 times that the LPR was changed was preceded by a change in the MLF rate.
• Latest surveys of analysts show expectations are the 1 year LPR will remain unchanged for the balance of this year at least - officials in China are wary of any interest rate move that may lead to a stifling of the post-pandemic economic recovery.

Rates left on hold for the 12th consecutive month.