China kept its benchmark lending rates unchanged for the seventh straight month in March, as expected, with the economy already benefiting from policy actions taken last week as it recovers from the pandemic.
The need for more imminent monetary easing subsided after the People's Bank of China said on March 17 it would cut the amount of cash banks must set aside as reserves, market watchers said.
"The necessity and urgency of interest rate cuts in the short term are not very high," said Bruce Pang, chief economist at Jones Lang Lasalle.
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