The newly revamped Loan Prime Rate (LPR), intended to replace the traditional benchmark lending rate as the reference point against which banks price loans, was launched today. The one-year LPR was set at 4.25%, down from the previous rate of 4.31% and below the one-year benchmark lending rate of 4.35%. The newly introduced five-year LPR was set at 4.85%, below the five-year benchmark lending rate of 4.90%.
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