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Stock impact report

China leaves benchmark lending rates unchanged as Beijing signals tolerance for stronger yuan [MSNBC.com]

ING Group, N.V. (ING) 
US:NYSE Investor Relations: ing.com/investor-relations.htm
Company Research Source: MSNBC.com
The People's Bank of China (PBOC) building in Beijing, China, on Tuesday, April 18, 2023.Bloomberg | Getty ImagesChina's central bank kept its benchmark lending rates unchanged Tuesday as authorities navigate a balancing act of supporting a slowing economy while maintaining currency stability.The People's Bank of China held its 1-year and 5-year loan prime rates at 3% and 3.5%, respectively, keeping them steady for a tenth straight month despite stuttering economic growth.The 1-year rate serves as the benchmark for most new and outstanding loans, while the 5-year level influences mortgages.The world's second-largest economy showed signs of slowing down in the final quarter of last year,expanding 4.5% year on yearChinese authorities have struggled to lift the economy out of an entrenched deflation as consumers cut back spending amid a prolonged real estate downturn, a bleak job market and uncertain income prospects. sales growth fell to a 3-year low of 0.9% in December while the GDP de Show less Read more
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