China kept benchmark lending interest rates unchanged for the fourth consecutive month on Tuesday, matching the forecasts of most market watchers who nevertheless expect further monetary easing to prop up a slowing economy.
The People's Bank of China last week increased cash injections into the banking system and said it would keep its one-year medium-term lending facility rate unchanged for a fourth month. Market watchers regard MLF announcements as guides to any LPR changes.
Xing Zhaopeng, senior China strategist at ANZ, said with rates unchanged, household spending would continue without any increase in disposable income. Not cutting the LPRs was "a bit of a surprise" and markets will now pay attention to any other policy measures, Xing said.
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