BEIJING (dpa-AFX) - The People's Bank of China left its benchmark interest rate unchanged on Friday after reducing it last month.
The central bank maintained its one-year loan prime rate at 3.0 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was retained at 3.50 percent.
The bank had cut its both LPRs by 25 basis points each in October 2024 and 10 basis points each in May.
The PBoC fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing. The LPR replaced the traditional benchmark lending rate in August 2019.
Data released earlier this week suggested that the economy is likely to achieve its around 5 percent growth target in the first half of the year amid easing trade tensions.
Although industrial production growth softened to 5.8 percent in May from 6.1 percent in April, retail sales growth accelerated to 6.4 percent from 5.1 percent a month ago.
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