China remains the benchmark lending rate for the sixth consecutive month

China kept its benchmark lending rates unchanged for the sixth consecutive month in February, in line with expectations, as the world’s second-largest economy showed more signs of lasting recovery from the recession caused by the COVID-19 pandemic.

A batch of better-than-expected data recently points to a recovery in economic activity after Beijing ended its strict zero Covid strategy in December and shifted to a growth-friendly policy.

China kept the one-year lending base rate at 3.65 percent, while the five-year lending rate remained unchanged at 4.30 percent.

New bank loans in China jumped more than expected to a record 4.9 trillion yuan in January as the central bank looked to start a recovery, while new home prices rose for the first time in a year after Beijing boosted its support for the real estate sector, which accounts for a quarter of the local economy.