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China keeps its reference rates unchanged

China keeps its reference rates unchanged

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China’s benchmark policy rates remained unchanged, as expected, after holding rates steady earlier this month after a round of upbeat August data showed signs of stabilization in the world’s second-largest economy.

The prime rate for one-year loans remained stable at 3.45%, while the five-year LPR remained unchanged at 4.2%, the People’s Bank of China said on Wednesday. Prime loan rates are calculated monthly based on the interest rates that 18 designated commercial banks charge their best customers.

THE…

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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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