The People’s Bank of China left its benchmark lending rates unchanged for an 11th straight month in April, in line with expectations, as policymakers prioritize stability amid rising global uncertainty. The one-year loan prime rate was held at 3.0%, while the five-year LPR, a key reference for mortgage lending, stayed at 3.5%.
The decision reflects a cautious policy stance as Beijing balances the need to support domestic growth against external risks. The PBoC reiterated that it will maintain a “supportive” and “moderately loose” monetary policy this year, signaling readiness to underpin economic activity without resorting to aggressive easing. .
Speaking at the International Monetary Fund meetings in Washington last week, Governor Pan Gongsheng highlighted growing risks from geopolitical tensions, protectionism and trade barriers, warning that these forces are weighing on global growth and increasing financial volatility.
| Benchmark Rate | Current Rate | Status |
| 1-Year LPR | 3.00% | Unchanged |
| 5-Year LPR | 3.50% | Unchanged |
