China Keeps Loan Rates Unchanged as Economy Shows Signs of Recovery

China’s central bank kept its benchmark loan rates unchanged for September after the economy showed signs of recovery with a boost from its recent stimulus measures.

The People’s Bank of China maintained its one-year loan prime rate unchanged at 3.45%, which pegs for most household and corporate loans. Meanwhile, the five-year benchmark loan rate, which pegs for most mortgages, was kept at 4.2%

The decision was in line with economists’ expectations for September after the central bank kept its medium-term policy rate steady last Friday that followed a cut in the reserve requirement ratio requirements for the second time this year for all banks.

The Chinese government released several stimulus measures in recent weeks to boost economic growth and activities, especially the property market, as well as to shore up its currency.