China's PBoC holds key lending rates for 11th straight month

China has held its de facto benchmark interest rates steady for the 11th consecutive month. The People's Bank of China (PBoC) announced it is maintaining the one-year Loan Prime Rate (LPR), the benchmark for general loans, at 3.0%. The five-year LPR, which serves as the reference for mortgages, will remain at 3.5%. The PBoC has kept the rates frozen for 11 months since lowering both the one-year and five-year LPRs by 10 basis points in May of last year.