China holds benchmark lending rates steady for 16th month

China kept its benchmark lending rates unchanged for a 16th straight month on Sunday, maintaining the one-year rate at 3% and the five-year rate at 3.5%. The decision matched forecasts from all 21 participants in a Reuters survey.

The move reflected limited expectations for additional monetary easing as China’s property and local government sectors weaken credit demand. Analysts said the central bank was likely to keep rates on hold for the rest of the year, though a cut remained possible if economic growth disappointed.

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