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The People’s Bank of China (PBoC) kept key lending rates at record lows for a sixth consecutive month in November, in line with market expectations. The move followed its decision to leave the seven-day reverse repo rate unchanged this month, now serving as the main policy rate, after the central bank signalled less urgency for additional monetary stimulus amid easing Sino-US trade tensions. The one-year Loan Prime Rate (LPR), the benchmark for most corporate and household borrowing, remained at 3.0%, while the five-year LPR, which anchors mortgage rates, held at 3.5%. Both rates were last lowered by 10 basis points in May. The decision came after last week’s data showed that retail sales and industrial output growth eased to a 14-month low, while the October release revealed that Q3 GDP grew at the slowest pace since Q3 2024. Meanwhile, new yuan loans came in below market expectations, highlighting continued weakness in credit demand.