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China held its benchmark lending rates steady Friday, as expected after the central bank kept its policy rates unchanged earlier this month.
The one-year loan prime rate was maintained at 3.45% and the five-year rate at 4.2%, the People’s Bank of China said on its website.
The move was anticipated after the PBOC kept the interest rate on its medium-term lending facility steady and injected more liquidity into the market via the key policy tool to meet funding shortages.
Many economists believe that Beijing’s need to pump out stimulus is easing after the world’s second-largest economy reported better-than-expected growth in the third quarter, which could put it on track to meet the around 5% economic growth target set for this year.
