The Asia Pacific Loan Market Association (APLMA) found that 54% of its members were expected to take until 2023 to remove references to Libor from their existing loans

IMF says it is "very concerned" over crisis as the heavily indebted country has little money left to pay for imports such as fuel, food and, increasingly, medicines

The one-year loan prime rate (LPR) was lowered by 5 basis points to 3.80% from 3.85% previously, while the five-year LPR remained at 4.65%