China's new lending reference rate set slightly lower at 4.25%

SHANGHAI, Aug 20 (Reuters) - China's new lending reference rate was set slightly lower on Tuesday in the first publication of the benchmark since the central bank announced interest rate reforms.

The People's Bank of China published the first new Loan Prime Rate (LPR) under the new mechanism.

The new one-year Loan Prime Rate was set at 4.25%, down 6 basis points from 4.31% previously. It was 10 basis points lower than the PBOC's existing benchmark one-year lending rate.

The new five-year LPR rate was set at 4.85%, according to the national interbank funding center. (Reporting by Winni Zhou; Editing by Sam Holmes)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.