China kept its benchmark lending rate unchanged today (June 20), despite the US Federal Reserve’s move last week to raise the interest rate by 75 basis points to fight inflation.

The one-year loan prime rate, or LPR, was kept at 3.7%, the People’s Bank of China announced. The LPR is determined by proposed rates submitted by 18 designated commercial banks.

The five-year LPR, a reference for mortgages, also remained steady at 4.45%, following a 15bp cut in May.

The announcement came after