India, July 21 -- The People's Bank of China maintained its interest rates unchanged on Monday as the economy faces subdued domestic demand amid challenging global economic conditions.
The bank retained its one-year loan prime rate at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was kept unchanged at 3.50 percent.
The bank had reduced its both LPRs by quarter points in October 2024 and 10 basis points each in May.
The PBoC fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing. The LPR replaced the traditional benchmark lending rate in August 2019.
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