China’s central bank unveils loan prime rate reform to lower borrowing costs

The Central bank of China has unveiled a plan to improve and reform the country’s loan prime rate mechanism in its latest efforts to cut financing costs for the real economy.

Starting from Tuesday, August 20th, the National Inter bank Funding Center will disclose the new LPR on the 20th day of each month.

The number of quotation banks will now expand from 10 to 18, including not only national banks, but also urban and rural commercial banks, foreign-invested banks and private banks, to make the quotation banks more representative regarding the LPR.

The plan came after an executive meeting of the State Council decided on Friday to take market-oriented reform measures to reduce real interest rates and ease financing difficulties.

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