China keeps interest rates unchanged, in line with expectations

The People’s Bank of China, China’s central bank, decided to keep interest rates unchanged at its meeting this morning, in line with analysts’ expectations.

The Chinese central bank’s stabilization of interest rates reflects limited monetary easing efforts due to narrowing interest rate spreads in light of the weak currency, although recent economic data shows the need to further support the slowing economic recovery.

The bank kept the interest rates on one-year loans at 3.45%, while it kept the interest rates on five-year loans unchanged at 3.95%.