Global stocks struggled to recover as bank's fears of contagion eased after UBS rescues Credit Suisse. The People's Bank of China (PBoC) left key lending rate unchanged for the seventh consecutive month when it was set in March, as many expected. The one-year loan prime rate (LPR), which medium-term lenders use for corporate and household loans, was left unchanged at 3.65%, while the five-year rate, a reference projections for mortgages, maintained at 4.3%.
Domestic stocks dropped, cautious sentiment prevailed. Interbank interest rates continued to fall deeply. During the session on March 17, the banking system did not borrow a single coin from the Operator on the open market. At the regular Government meeting held in early March, Governor of the State Bank Nguyen Thi Hong said that the liquidity of the system is now abundant again.
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