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Tags: LPR, People's Bank of China
The People’s Bank of China (PBoC) decided to keep its lending rates stable in the January setting. The medium-term lending facility, known as the one-year loan prime rate (LPR), used for corporate and personal loans, stayed at a historic low of 3.45% for the fifth month in a row. The five-year rate, a benchmark for mortgage rates, remained at 4.2% for the seventh month consecutively. Last week, the central bank notably increased liquidity injections through medium-term policies while unexpectedly maintaining the interest rate, leading to the decision on Monday. Despite growing faster than the previous quarter at 5.2% year over year in 2023’s fourth quarter, the Chinese economy fell short of the predicted 5.3%. The GDP saw an overall annual expansion of 5.2%, outpacing the government’s roughly 5.0% target and speeding up from a 3.0% increase in 2022, thanks to various supportive measures and a low base effect from last year.
(China Loan Prime Rate,PBoC)
On Monday, the Shanghai Composite fell by 2.68%, settling at 2,756, while the Shenzhen Component plunged by 3.5% to 8,480. Mainland stocks hit new multiple-year lows as China’s central bank maintained its primary lending rates steady, which contradicted the market’s anticipation for additional policy relaxation. The Hang Seng also experienced a downturn, with a decline of 2.27% as all its sectors witnessed pullbacks.
(Shanghai Composite Index 5-year Chart)
(Hang Seng Index 5-year Chart)
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