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China leaves benchmark lending rates unchanged as Beijing signals tolerance for stronger yuan
China’s central bank kept its benchmark lending rates unchanged Tuesday as authorities navigate a balancing act of supporting a slowing economy while maintaining currency stability. The People’s Bank of China held its 1-year and 5-year loan prime rates at 3% and 3.5%, respectively, keeping them steady for a tenth straight month despite stuttering economic growth. The 1-year rate serves as the benchmark for most new and outstanding loans, while the 5-year level influences mortgages. The world’s second-largest economy showed signs of slowing down in the final quarter of last year, expanding 4.5% year on year, its ... (full story)
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