China keeps lending benchmark unchanged but stimulus needed as virus hit worsens

China kept its benchmark lending rate unchanged on Friday, defying expectations ...

SHANGHAI - China kept its benchmark lending rate unchanged on Friday, defying expectations for a reduction to ease borrowing costs in an economy jolted by widespread disruptions to businesses from the coronavirus pandemic.

Analysts said the unchanged rate suggests policymakers may think recent measures are enough to help the economy in the immediate term, after the central bank last week cut the amount of reserves commercial banks are required to hold. “The lack of any cut this month means that the LPR is still only 10 basis points lower than it was at the end of last year, following a small cut in February,” Julian Evans-Pritchard, senior China economist at Capital Economics said in a note.

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