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China left its April 21, 2025, benchmark lending rates unchanged, leaving the one-year loan prime rate (LPR) at 3.1% and five-year LPR at 3.6% for a sixth straight month. This aligns with expectations and shows caution in the face of better-than-anticipated economic growth since China's GDP increased 5.4% year on year in the first quarter of 2025, the highest growth in around 18 months. Strong retail sales and factory figures were key positives behind this dovish rate move.
Despite the bullish economic prognosis, there remain dominant fears of ongoing Sino-U.S. trade tensions. Already, U.S. tariffs are severely threatening China's export industry, making the economic situation more complicated. Most of the factories have already prepaid advance orders in advance to neutralize the effects of these tariffs, and therefore the potential effect on export figures is yet to impose its full severity, putting policymakers on alert.
The People's Bank of China (PBOC) is taking a "wait-and-see" stance, providing targeted easing to selected industries instead of engaging in wholesale monetary easing at this juncture. The reason behind such conservatism lies in the pressure to stabilize the yuan against deprecation pressure, reduced interest margins for banks, and expectation of possible cuts in U.S. Federal Reserve rates. Any further rate cuts to the LPR are feasible only if the 1.5% seven-day reverse repo rate is cut beforehand. In total, the rate hold is a delicate balancing act between growth stimulus and external restraint.
