China keeps benchmark lending rates unchanged for 16th month in September

SHANGHAI, Sept 20 (Reuters) — China kept its benchmark lending rates unchanged for the 16th straight month on Sunday, in line with market expectations. The one-year loan prime rate was kept at 3.00%, while the five-year LPR was unchanged at 3.50%. All 21 market participants in a Reuters survey forecast no change to either rate. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. (Reporting by Shanghai Newsroom; Editing by William Mallard)