China leaves benchmark lending rates unchanged for fourth month in September

[SHANGHAI] China kept benchmark lending rates unchanged for the fourth consecutive month in September, in line with market expectations.

The one-year loan prime rate (LPR) was kept at 3.0 per cent on Monday, while the five-year LPR was unchanged at 3.5 per cent.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

In a Reuters survey of 20 market participants conducted last week, all participants predicted no change to either of the two rates despite a recent spate of weak economic data. REUTERS