China sets one year loan prime rate at 4.20% (vs. 4.15% expected)

The LPR is set once a month, based on a spread above the MLF rate.

1 year loan prime rate set at 4.20%

• expected 4.15%
• prior 4.25%

5-year LPR set at 4.85%, unchanged

Expectations were for a bit more stimulus with a lower rate …. not to be,