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Masstown farmer launches pumpkins over a kilometre for charity | SaltWireSHANGHAI/SINGAPORE -China kept its benchmark lending rates unchanged at the monthly fixing on Friday, matching market expectations, as a set of economic data suggested the economy is stabilising and a weaker yuan constrained further monetary easing.Better-than-expected third quarter gross domestic product and retail sales data suggest China's economic recovery has started to improve, needing less monetary support.
Bearish sentiment over the yuan was also seen as a factor against further rate cuts. The yuan has depreciated by more than 5% this year against the dollar and increasing liquidity would add additional pressure on the currency. In a Reuters survey of 29 market analysts and traders, almost all participants predicted no change to the one-year LPR, while all had expected the five-year rate to remain steady.
The medium-term lending facility rate serves as a guide to the LPR and markets see it as a precursor to any changes to the lending benchmarks.
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