China kept its benchmark lending rates unchanged for the sixth consecutive month in February 2023, in line with expectations as the world's second largest economy showed more signs of a lasting recovery from the recession caused by the Corona pandemic.
According to Reuters, a batch of better-than-expected data recently indicates a recovery in economic activity after China ended its strict zero Covid strategy in December and shifted to a growth-friendly policy.
China kept the one-year lending base rate at 3.65%, while the five-year lending rate remained unchanged at 4.30%.
New bank loans in China jumped more than expected to a record 4.9 trillion yuan in January, as the central bank looked to start a recovery and new home prices rose for the first time in a year after Beijing boosted its support for the real estate sector, which accounts for a quarter of the local economy.
