China has frozen its loan prime rate (LPR), which serves as the de facto benchmark interest rate, for 11 consecutive months. The People's Bank of China announced that it would maintain the one-year LPR, which serves as the benchmark for general loans, at 3.0%, and the five-year LPR, which serves as the benchmark for home mortgage loans, at 3.5% respectively. The People's Bank of China has maintained the freeze for 11 months since cutting both the one-year and five-year LPRs by 10 basis points each in May last year.
