China's central bank kept borrowing costs of its medium-term policy loan unchanged for the third straight month as expected on Friday, despite Beijing calling for more monetary stimulus to cushion an economic slowdown.
The People's Bank of China said it was keeping the rate on 150 billion yuan worth of one-year medium-term lending facility loans to some financial institutions unchanged at 2.85% from the previous operation, to "maintain banking system liquidity reasonably ample", according to an online statement.
Global investment banks including Citi expect such a reserve requirement ratio reduction could be delivered as early as Friday, with many expecting more easing measures still on the way. "We continue to anticipate another 20 basis points of policy rate cuts this year and a further acceleration in credit growth."
That means policymakers will need to offer more stimulus to ensure the economy is on course to hit this year's growth target of around 5.5%, analysts say.
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