China holds benchmark lending rates constant for 5th month

ANKARA

China on Friday kept its benchmark interest rates unchanged for the fifth consecutive month, in line with the market forecast.

The People’s Bank of China held the one-year loan prime rate (LPR) – the medium-term lending facility uses for corporate and household loans – at 3.65%.

Meanwhile, the five-year LPR, a reference for mortgages, was left at 4.3%.

China's annual inflation rate rose to 1.8% in December 2022, from 1.6% in November.

The Chinese economy grew 3% year-on-year in 2022, better than the market estimates but missed the official target of around 5.5%.