The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the August figure of 3.85 per cent, a state-controlled media outlet reported.
Renminbi-denominated financial assets in the country are expected to see more foreign capital inflows in the next few months as the United States enters an interest rate cut cycle—its first rate cut in four years. This would offer policymakers more room to maneuver toward steady economic growth, analysts said.
The renminbi, or the Chinese yuan, strengthened by 293 basis points in the onshore market to 7.06 against the US dollar yesterday, the strongest since June 2023.
The US Federal Reserve reduced interest rates by 50 basis points on September 18 and sent its target interest rate range to 4.75-5 per cent.
Fibre2Fashion News Desk (DS)