Chinese state media, Xinhua, with a piece on comments from People's Bank of China Governor Yi Gang remarks Monday
- Speaking at a work conference
- called on major financial institutions to issue new loans under the loan prime rate (LPR) mechanism ASAP
- in order to recue financing costs to businesses
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ICYMI, the LPR functions as a market-based reference for lenders to set their loan interest rates.
- from August 20, the National Interbank Funding Center now discloses the new LPR at 9:30 a.m. on the 20th day of each month
- rate is set by 18 banks
- a spread above the 3.3% currently on the one year Medium term Lending Facility
