China's longer-term benchmark lending rate was lowered this month after the central bank held its policy rates steady, according to data released by the People's Bank of China on Tuesday.

The five-year loan prime rate was cut to 3.95% from 4.2%, said the PBOC. The five-year LPR was last lowered in May 2023.

The one-year LPR, however, was kept steady at 3.45% this month.

China's central bank kept its key policy rates, including the medium-term lending facility that is used to price LPR, unchanged last week.

However, analysts had penciled in an asymmetric cut in the LPR after a newspaper under the PBOC said the LPR may also go down as financial institutions move to offer more support to the economy.


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(END) Dow Jones Newswires

02-19-24 2048ET