China leaves lending benchmarks unchanged as expected in April

SHANGHAI, April 21 (Reuters) - China held benchmark lending rates steady on Monday for the sixth successive month, matching market expectations.

The one-year loan prime rate (LPR) CNYLPR1Y=CFXS was kept at 3.1%, while the five-year LPR CNYLPR5Y=CFXS was unchanged at 3.6%.

In a Reuters poll of 31 market participants conducted last week, 27, or 87%, expected no change to either of the rates.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

In October 2024, lenders slashed lending benchmarks by bigger-than-expected margins to revive economic activity.