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China’s Central Bank on 20 September decided to maintain the loan prime rate (LPR) unchanged for the next month, Kallanish notes. The one-year and five-year LPR now stands at 3.65% and 4.3%, respectively. Chinese steel demand may now not benefit from any further rate cuts until 2023 as teh seasonal peak for construction activity is already passing. One month ago, the Central Bank adjusted the five-year LPR down to nominal historical lows. This prompted the …
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