China maintains lending rates for 16th month
China has kept its benchmark lending rates unchanged for the sixteenth consecutive month, remaining at 3.00% for one-year loans and 3.50% for five-year loans. This decision comes amid pressures from divergent global policies and a decrease in the likelihood of easing monetary policy in China. It follows interest rate hikes by the U.S. Federal Reserve, with the yuan continuing to strengthen and the gap in bond yields between the U.S. and China widening. Meanwhile, loan growth is slowing due to declining demand for credit from the real estate and government sectors, with expectations that interest rates will remain steady until the end of the year.
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