PBOC Adviser Ma: Expects China to abolish benchmark lending rate, does not give timeframe

Further comments are out from the Chinese central bank (PBOC) Adviser Ma Jun, with the key headlines noted below.

Expects China to abolish benchmark lending rate, does not give a timeframe.

Loan prime rate, or LPR, should reflect changes in the policy rate in the future.

There is motivation for China to unify two rate tracks given efforts to lower funding costs for small firms.