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Investing.com-- The People’s Bank of China left its benchmark loan prime rate unchanged as widely expected on Thursday, keeping the rate steady for a sixth consecutive month after Beijing flagged a less urgent need for monetary stimulus.
The PBOC left its one-year and five-year LPRs at 3.0% and 3.5%, respectively. The hold was widely expected after China left its seven-day reverse repo rate, which is now regarded as a major policy rate, unchanged earlier this month.
The LPR is set based on recommendations from 20 designated commercial banks, and is used to set mortgage rates in the country.
China had steadily cut the LPR into record-low territory over the past three years, as it sought to unlock more monetary stimulus to offset laggard inflation and spur economic growth.
But this yielded limited results, with Beijing seen resorting to more fiscal support in recent years.
A host of economic readings for October showed the world’s second-largest economy still remained largely on the backfoot, amid sluggish export demand and dismal local manufacturing and spending.