BEIJING, CHINA – DECEMBER 02: The People's Bank of China (PBOC) building can be seen on December 2, 2024 in Beijing, China.
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China kept its key benchmark interest rates unchanged on Friday as Beijing faces the challenge of boosting economic growth while containing a weakening yuan.
The People's Bank of China said the trend would continue the one-year prime loan rate is 3.1% and the five-year LPR is 3.6%. The 1-year LPR applies to loans to businesses and most households, while the 5-year LPR serves as a benchmark for mortgage rates.
The interest rate decision was taken at a widely expected 25 basis point level interest rate reduction By US Federal Reserve on Wednesday. The Fed also indicated that it will cut interest rates only twice in 2025, which is less than the four cuts predicted in its September meeting projection.
Earlier this month, top Chinese officials pledged to the most important meetings setting the economic agenda intensifying monetary easing measures, including introducing interest rate cuts, to support the struggling economy.
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