China leaves lending benchmarks unchanged for 3rd straight month in Nov

SHANGHAI – China kept its benchmark lending rates unchanged for a third straight month at the monthly fixing on Monday, matching market expectations.

The one-year loan prime rate (LPR) was kept at 3.65 percent, while the five-year LPR was unchanged at 4.3 percent.

In a Reuters poll of 22 market watchers conducted last week, all respondents predicted no change to the one-year LPR. However, five participants expected a reduction to the five-year tenor.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China last cut both LPRs in August to boost the economy.