December 28, 2019 / 1:42 AM / a month ago

China c.bank says will use LPR as benchmark for pricing existing floating-rate loans

BEIJING, Dec 28 (Reuters) - China’s central bank said on Saturday it will use the loan prime rate (LPR) as a new benchmark for pricing existing floating-rate loans.

Starting on Jan. 1, financial institutions will be prohibited from signing floating-rate loan contracts based on the previous benchmark bank lending rate, the People’s Bank of China said in a statement on its website. (Reporting by Kevin Yao Editing by Robert Birsel)

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