SHANGHAI : China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday, with global central banks' rate increases making it tough for Beijing to stimulate a weak domestic economy by lowering rates.Markets widely believe that Chinese policymakers are wary of ris
SHANGHAI : China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday, with global central banks' rate increases making it tough for Beijing to stimulate a weak domestic economy by lowering rates.
"Perhaps there is some reluctance in loosening monetary policy to support economic activity, which could reflect some caution in moving in the opposite direction to other central banks, particularly the Federal Reserve," said Stephen Innes, managing partner at SPI Asset Management. "While the PBOC has little to fear from a weaker currency – the renminbi remains extremely strong – the last thing it wants is to have to defend against a sharp, potentially destabilising sell-off," economists at Capital Economics said in a note earlier.
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