China's PBOC Maintains Interest Rates

The People's Bank of China announced today, Monday, that it has kept its benchmark interest rates unchanged for the twelfth consecutive time in order to support economic stability. It was declared that the one-year loan prime rate remains at 3%, while the five-year mortgage reference rate stays at 3.50%. This comes after two previous interest rate cuts aimed at stimulating economic activity. Through these measures, the bank seeks to enhance control over short-term money market rates and improve the transmission of monetary policy to the real economy.

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