SHANGHAI -- Chinese banks kept benchmark lending rates unchanged on Monday for the third straight month, reflecting ongoing efforts to keep the yuan stable even as officials vowed to cut interest rates to support the economy.
The People's Bank of China said the one-year loan prime rate (LPR), the corporate lending rate, remained at 3.1%, while the five-year mortgage benchmark was maintained at 3.6%. The LPR is calculated by the central bank every month, based on quotes submitted by 20 commercial banks.
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