China keeps interest rate on one-year loans unchanged

21 Sep 2020 12:23 PM

The People's Bank of China announced on Monday that it will keep its interest rate on one-year loans unchanged at 3.85%, as expected. The interest rate on five-year loans was also kept at 4.65% - meaning the Bank has not changed interest rates since April.

The PBOC has also raised its forecast for GDP growth during 2020 to 2.1%, with optimism driven by the recovery in China’s manufacturing sector.

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