The People’s Bank of China kept the key refinancing rate, the annual lending rate (LPR) for primary borrowers, at 3.65%. information about it published on the editor’s press service website.
The annual LPR, which became the new benchmark (reference indicator) of lending in August 2019, remained unchanged at 3.85% from April 2020 to December 2021. The rate was reduced to 3.8% in December 2021, to 3.7% in January 2022, then to 3.65% in August, and the LPR rate remained unchanged.
The People’s Bank of China launched a major rate reform at the end of August 2019 to help companies lower their borrowing costs. The regulator changed the benchmark rate for loans issued by banks. Credit institutions began to rely on the LPR, rather than the base bank loan rate, to calculate variable loan rates.
Press service of the Bank of China in the first half of January knowledgeableHe said that after gold reserves increased by 32 tons in November 2022, gold purchase volume increased by 32 tons in December. At the beginning of 2023, the total precious metal reserve volume in China exceeded 2 thousand tons.
In early January, the People’s Bank of China raised The renminbi (the official name of the yuan) rose 647 points to 6,8265 yuan per dollar.