SHANGHAI, Aug 20 (Reuters) - China’s new lending reference rate was set slightly lower on Tuesday in the first publication of the benchmark since the central bank announced interest rate reforms.
The People’s Bank of China published the first new Loan Prime Rate (LPR) under the new mechanism.
The new one-year Loan Prime Rate was set at 4.25%, down 6 basis points from 4.31% previously. It was 10 basis points lower than the PBOC’s existing benchmark one-year lending rate.
The new five-year LPR rate was set at 4.85%, according to the national interbank funding center. (Reporting by Winni Zhou; Editing by Sam Holmes)