China's central bank freezes LPR for 10th straight month

China has kept its Loan Prime Rate (LPR), the country's de facto benchmark lending rate, unchanged for the 10th consecutive month. The People's Bank of China announced it is maintaining the one-year LPR, a benchmark for most corporate and household loans, at 3.0%. The five-year LPR, which serves as the reference for mortgages, will also remain at 3.5%.