China unexpectedly leaves lending rates steady; markets expect cuts soon
China unexpectedly left benchmark lending rates unchanged at the monthly fixing on Friday, confounding market expectations that were primed for a move after the Federal Reserve delivered an outsized interest rate cut earlier this week.
However, market watchers widely believe further stimulus will be rolled out to prop up an ailing economy, as the Fed's easing offers Beijing leeway to loosen monetary policy without unduly hurting the yuan.
The one-year loan prime rate (LPR) was kept at 3.35%, while the five-year LPR was unchanged at 3.85%.
In a Reuters survey of 39 market participants conducted this week, 27, or 69%, of all respondents expected both rates to be trimmed.
«The rate cut is likely to be included in a larger policy package, which is being reviewed by senior officials,» said Xing Zhaopeng, senior China strategist at ANZ, referring to Chinese policymakers.
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