China retains benchmark lending rates

By Reuters

Sep 21, 2024 12:13 am

SHANGHAI, China — 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 (Fed) 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.

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