China kept key lending rates unchanged in October 2025 amid economic challenges and pending policy decisions.

China held its key lending rates steady in October 2025, keeping the one-year Loan Prime Rate at 3.0% and the five-year rate at 3.5%, marking the fifth consecutive month of no change. The decision, in line with expectations, reflects cautious policy ahead of the Fourth Plenum, which will shape China’s five-year development plan. Despite economic headwinds from a property sector slump and escalating U.S.-China trade tensions—including proposed 100% tariffs and export controls—officials have delayed new stimulus. Analysts still expect potential rate cuts or reserve requirement reductions before year-end due to low inflation and weak growth.