China maintained its key lending rates, the one-year Loan Prime Rate (LPR) at 3.1% and the five-year LPR at 3.6%, as it grapples with supporting economic growth while stabilizing the weakening yuan. The decision aligns with expectations from a Reuters poll of economists, though the Federal Reserve's recent rate cut and revised outlook on future easing might exert pressure on the Chinese currency. Experts suggest that conventional monetary policies are limited due to concerns about squeezing bank profits and the yuan's depreciation risk. Fiscal measures are anticipated to play a more significant role in stimulating the Chinese economy next year.
The move, which follows a 25-basis-points rate cut by the U.S. Federal Reserve earlier in the week, was expected, according to a Reuters poll of economists.
China kept its main benchmark lending rates unchanged on Friday, as Beijing faces the challenge of bolstering economic growth while backstopping a weakening yuan.the one-year loan prime rate at 3.1%, with the five-year LPR at 3.6%. The 1-year LPR affects corporate and most household loans, while the 5-year LPR serves as a reference for mortgage rates. The move was expected according to a Reuters poll of 27 economists.on Wednesday.
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