China keeps bank’s rate steady

SHANGHAI: China’s base rate for new corporate loans stayed unchanged in October, defying expectations of a reduction as the economy sees its slowest pace of growth since the early 1990s.

The one-year loan prime rate was kept at 4.2%, according to a statement from the People’s Bank of China yesterday. That compares to the 4.15% median estimate compiled by Bloomberg. The five-year tenor was also kept unchanged at 4.85%.