- Cryptopolitan e

On Monday, key lending rates in China remained unchanged as the country faces a slowdown in growth and weak consumer confidence.

The People's Bank of China kept the one-year

LPR at 3.0 percent and the five-year lending rate at 3.5 percent.

The loan rates set based on a survey conducted by several

commercial banks that send rate proposals to the country’s central bank determine the best rates offered to prime customers.

The one-year LPR plays a key role in shaping most household and corporate loans across China.

The five-year rate is widely used as a benchmark for new mortgage contracts.

This decision came as a result of the publication of GDP data for the second quarter, which showed growth of 5.2 percent year-on-year, lower than 5.4 percent in the first quarter but slightly above the forecasted 5.1 percent.

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