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Home Global Economy CHINA

Peoples Bank of China (PBoC) Holds Key Lending Rates Steady, Signals Cautious Economic Strategy

Business 360 by Business 360
August 26, 2024
in CHINA, Global Economy
0
People’s Bank of China Holds Key Lending Rates Amidst Strong Economic Growth

In a move widely anticipated by analysts, the People’s Bank of China (PBoC) decided to maintain its key lending rates during its August monetary policy meeting. The one-year loan prime rate (LPR) remains at 3.35%, while the five-year mortgage rate continues at 3.85%. This decision comes after the central bank implemented a 10 basis points (bps) rate cut in its previous meeting, marking a deliberate shift to a more cautious economic approach.

The PBoC highlighted that its decision to hold rates was driven by a need to strike a balance in the economy and avoid taking drastic measures that could destabilize financial markets. The bank emphasized its commitment to supporting the economy through existing financial policies, proactive fiscal measures, and new initiatives. These initiatives aim to boost domestic demand, address ongoing issues in the property sector, and stabilize the Chinese yuan, which has been under pressure in recent months.

Despite maintaining rates, the PBoC’s focus in the near term may include stabilizing long-term yields and controlling currency depreciation. However, economic analysts predict that the central bank may implement another rate cut in September to stimulate consumption and support investment recovery. The possibility of a rate cut by the U.S. Federal Reserve in September could also provide the PBoC with additional flexibility to ease its key interest rates at its next policy meeting.

Tags: #china#lendingrates#News
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