China surprisingly kept its benchmark lending rates steady on Wednesday, with markets seeing the move as Beijing's cautious approach to rolling out more easing measures as the economy slows due to COVID-19 lockdowns.
In contrast to most major economies that have started to tighten monetary policy to combat inflation, China has stepped up easing to cushion the slowdown.
Marco Sun, chief financial markets analyst at MUFG Bank, said policy divergence between China and the United States was likely to continue despite steady LPR in April as the PBOC's policy stance appeared to be more dovish. Global investment banks including Goldman Sachs said the PBOC's restraint may reflect concern over inflation and aggressive monetary tightening by the U.S. Federal Reserve.Separately, some market participants pointed out that recent robust credit growth could also be part of the reason banks refrained from lowering the lending benchmark.
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