China's central bank is holding lending benchmarks steady as global peers slash. Bad debts and capital flight risk make big moves more dangerous than in 2009, forcing the government to find less conventional channels, writes petesweeneypro:
China on March 20 held its one-year loan prime rate, a monthly reference rate set by 18 banks, unchanged at 4.05%.
On March 16 it left the cost of its medium-term lending facility, to which the LPR is loosely pegged, unchanged at 3.15%. China is preparing to unleash as much as 2.8 trillion yuan of stimulus via local government special infrastructure bonds, Reuters reported on March 19 citing sources. It may also lower its economic growth target for 2020 to as low as 5%.
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