China Holds Interest Rates Again

The Chinese Central Bank maintained its benchmark lending rates for the 17th consecutive time in October, with the one-year rate held at 3% and the five-year rate at 3.50%, despite the economy growing by 4.5% in the third quarter, surpassing expectations. This reduces the immediate need to lower borrowing costs. The bank aims to develop a loan pricing mechanism and improve the transmission of monetary policy to the economy, studying the adoption of the overnight reverse repurchase rate as a key indicator instead of the seven-day rate, in order to promote financial stability and support steady economic growth.

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