RTTNews reports that China maintained its benchmark loan prime rates for the 17 consecutive month, as widely expected.

The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent.

Markets expected LPR rates to remain on hold as the People's Bank of China had kept the rate on its medium-term lending facility unchanged early this month.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank's traditional benchmark lending rate in August 2019.

The economist is expecting cuts to the PBoC's policy rates, including the LPR starting next quarter.