China kept its benchmark lending rates steady on Monday as the country continues to grapple with weak consumer sentiment and softening growth. The People’s Bank of China held the 1-year loan prime rate at 3.0% and the 5-year LPR at 3.5%. LPR, normally charged to banks’ best clients, is calculated based on a survey of dozens of designated commercial banks that submit proposed rates to the central bank. The 1-year LPR influences corporate and most household loans in China, while the 5-year LPR serves as a benchmark for mortgage rates. The decision comes after the country announced that GDP growth in the second quarter ... (full story)