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🇨🇳 PBOC holds for a record 13th month. Bank margins, not caution, are the constraint.
The day in view

🇨🇳 PBOC holds for a record 13th month. Bank margins, not caution, are the constraint.

Macro Soup Newsroom Macro Soup Newsroom 3 min read

China's central bank held rates for a record 13th month in June 2026. With commercial bank net interest margins at a historic low of 1.40%, further cuts require a fiscal recapitalization that Beijing hasn't committed to.

Chinese 100 yuan banknotes in a currency counting machine.
PBOC maintained the one-year LPR at 3.0% and five-year LPR at 3.5% for the 13th consecutive month as resilient exports eased pressure for immediate easing. Source

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