In February, the Chinese regulator again made no adjustments to key lending targets, extending the monetary policy pause to nine months. According to the People's Bank of China, the one-year mortgage rate was kept at 3.00%, while the five-year mortgage rate, used as a benchmark, remained at 3.50%. This decision was in line with analysts' expectations.

Thus, the authorities continue to maintain a cautious approach amid conflicting macroeconomic signals. The world's second-largest economy faces sluggish domestic demand, moderate inflation, and ongoing difficulties in the real estate sector. Meanwhile, exports have so far demonstrated resilience despite global trade uncertainty.

Experts note that the regulator is favoring targeted support tools in particular, liquidity management and administrative influence on borrowing costs rather than directly lowering benchmark rates. This approach is explained by the shrinking bank margins and pressure on the national currency. As a reminder, Beijing already lowered key interest rates and reserve requirements last year to stimulate growth. However, recently, the authorities have signaled a shift to more targeted economic support measures, emphasizing structural mechanisms rather than large-scale policy easing.