Briefly

Loan prime rates remain unchanged

China's one-year loan prime rate, a market-based benchmark lending rate, came in at 3.85 percent on Friday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained flat from the previous reading of 4.65 percent, according to the National Interbank Funding Center. The lending rates have remained unchanged for 16 consecutive months since April 2020. China's central bank has reiterated that it will prioritize stability in its monetary policy and avoid making sudden shifts in 2021.

NEV penetration set for further rise

Market penetration of new energy vehicles in China is set to rise further as the economy steadily recovers and public awareness for environmental protection grows, the Ministry of Commerce said. Earlier data showed China's NEV sales hit a historic high of nearly 1.48 million units in the first seven months of the year, surpassing the total NEV sales in 2020. The data accounted for 10 percent of new car sales during the period, up 6.1 percentage points from the share in the same period last year.

Bond issuances hit 5.17 trillion yuan

Bond issuances in China totaled 5.17 trillion yuan ($797.2 billion) in July, data from the central bank showed. Treasury bond issuances amounted to 633.26 billion yuan, while local government bond issuances stood at 656.78 billion yuan, according to the People's Bank of China. Last month, issuances of financial bonds came in at 879.74 billion yuan, while corporate credit bond issuances totaled 1.12 trillion yuan. Issuances of credit-asset-backed securities stood at 26.47 billion yuan, and the issuance of interbank deposit certificates hit 1.81 trillion yuan. By the end of July, outstanding bonds held in custody were at 124.6 trillion yuan, central bank data showed.

Xinhua - China Daily