China held benchmark lending rates steady at a monthly meeting on Wednesday as new indications of economic stability and a weaker yuan diminished the need for quick monetary easing.
The world’s second-largest economy was regaining its footing following a steep recession, while yuan depreciation has lowered the pressure for policymakers to rapidly slash interest rates to support growth, economic statistics revealed.
The one-year loan prime rate (LPR) remained constant at 3.45%, while the five-year LPR remained at 4.20%.
The constant LPR fixes come after the central bank’s decision last week to roll over maturing medium-term policy loans while keeping interest rates unchanged.
The medium-term lending facility rate acts as a reference for the LPR, and markets view it as a forerunner to any changes in lending benchmarks.
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