China's lending benchmarks unchanged for 2nd month
China kept its benchmark lending rates unchanged for a second straight month on Thursday, in line with expectations, as authorities held off unleashing more monetary stimulus to avoid stark policy divergence with other major economies. The one-year loan prime rate (LPR) was kept at 3.65 percent, while the five-year LPR was unchanged at 4.30 percent. A Reuters poll showed 22 out of 24 respondents predicted no change to either rate, while the remaining two expected a marginal reduction to the five-year rate after the government introduced a slew of measures to prop up the property sector. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China last cut LPRs in August. (Reuters)