BEIJING, CHINA – DECEMBER 02: The People’s Bank of China (PBOC) building is seen on December 2, 2024 in Beijing, China.
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China left its key interest rates unchanged on Friday as Beijing faces the challenge of boosting economic growth while reining in a weakening yuan.
The People’s Bank of China said it would stabilize The key interest rate for one-year loans is 3.1%, the LPR for five years is 3.6%. The 1-year LPR affects business and most household loans, while the 5-year LPR serves as a reference for mortgage rates.
The interest rate decision was based on the generally expected 25 basis points Interest rate cut through the US Federal Reserve on Wednesday. The Fed also said it will cut interest rates just twice in 2025, fewer than the four cuts forecast at its September meeting.
Earlier this month, top Chinese officials promised Top meeting to set the economic agenda Increase monetary easing measures, including the implementation of interest rate cuts, to support the struggling economy.
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