China holds interest rates steady despite COVID, Ukraine woes

China held key interest rates for corporate and household loans steady on Wednesday, a surprise move that signals Beijing remains cautious about policy easing even as COVID-19 and the Ukraine war weigh on growth.

The People’s Bank of China (PBOC) kept the one-year loan prime rate at 3.7 percent and the five-year rate at 4.6 percent.

Most economists, including a majority of the 28 traders and analysts surveyed in a snap poll by the Reuters news agency this week, had expected the central bank to cut rates amid slowing economic growth due to COVID-19 lockdowns and the conflict in Europe.

The central bank’s benchmark rates respectively affect the cost of new and outstanding loans and mortgages.

The post China holds interest rates steady despite COVID, Ukraine woes appeared first on ZBC NEWS.

Leave a Reply

%d bloggers like this: