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China keeps benchmark lending rates unchanged as it contends with a weakening yuan
China left its benchmark lending rates unchanged Monday, as Beijing contends with a weakening yuan while awaiting policy clues from the incoming Donald Trump administration. The People’s Bank of China held the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%, according to the PBOC statement. The 1-year LPR determines rates on corporate and most household loans, while the 5-year LPR acts as a reference for mortgage loans. The decision came ahead of Donald Trump’s inauguration to be the next president of the U.S. on Monday. China’s offshore yuan has lost more than 3% since Donald Trump’s presidential ... (full story)