Chinese stocks struggled a bit after the People’s Bank of China kept its benchmark loan prime rate unchanged. The Shanghai Composite Index ended at 2,736.81, little changed from its previous closing level.
China retained its benchmark lending rates on Friday even after the US Federal Reserve reduced its rate by a sharper-than-expected half a percentage point this week.
The People’s Bank of China kept its one-year loan prime rate unchanged at 3.35 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.85 percent.
The bank had last reduced the LPR in July, by 10 basis points.
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First Published: Sep 20 2024 | 3:43 PM IST
