SHANGHAI (Reuters) -China kept benchmark lending rates unchanged for the third consecutive month on Wednesday, meeting market expectations, as authorities signalled they are in no rush to deliver monetary stimulus despite a string of recent disappointing economic data.

WHY IT’S IMPORTANT

The steady LPR fixings highlighted the central bank’s preference for targeted structural policies to support specific sectors of the economy, rather than resorting to broad-based monetary easing.

A de-escalation in trade tensions between Washington and Beijing also reduced urgency for more stimulus, as the world’s two largest economies agreed to extend a tariff truce for another 90 days.

BY THE NUMBERS

The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%.

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