China’s central bank will replace its key lending rate with a more market-driven benchmark in a long-awaited reform aimed at lowering borrowing costs for companies experiencing record defaults this year.
Bank lending in China is priced based on a lending rate set daily by the People’s Bank of China. Banks have used the rate as guidance but the central bank has maintained a strong position in determining the cost of corporate loans.
New measures announced by the central bank at the weekend will make the loan prime rate, or LPR, the benchmark for lending.
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