What does LPR mean?

LPR stands for Loan Prime Rate, which is a benchmark interest rate used by banks in China to set the pricing of loans to their customers. It is based on the interest rates of the People's Bank of China's open market operations, and is intended to reflect the cost of borrowing for banks. The LPR is announced on the 20th of every month and is used as a reference rate for new loans, including mortgages and corporate borrowing. It is an important indicator of the overall cost of borrowing in the Chinese financial system and can have a significant impact on the economy.