China holds benchmark loan rate despite mounting economic pressures

China held its benchmark lending rate despite concerns over a cooling economy, the central bank confirmed on Monday.The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – remained at 3.70 per cent at the March fixing.The five-year LPR – which is a reference rate for mortgages – also remained unchanged at 4.65 per cent, according to the People’s Bank of China (PBOC).Among 36 financial institutions surveyed in a snap Reuters poll last week, just over half said…

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