Chinese Banks Hold Prime Lending Rates Steady as Easing Expected in 2024

(Bloomberg) — Chinese banks held their benchmark lending rates after a similar move by the central bank, bolstering expectations that further monetary easing will take place in early 2024.

The nation’s commercial lenders stood pat on their prime lending rates — including a five-year rate used as a reference for mortgages — on Wednesday. That came after the People’s Bank of China kept its so-called medium-term lending facility unchanged last week, following a cut in August.