China's central bank reduced the one-year loan prime rate by a smaller-than-expected margin and retained the five-year rate despite financial troubles among property developers.
The People's Bank of China lowered its one-year loan prime rate, or LPR, by 10 basis points to 3.45 percent.
However, the five-year LPR, the benchmark for mortgage rates, was kept unchanged at 4.20 percent. The central bank had previously reduced the one-year as well as five-year LPRs by 10 basis points each in June.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.