China Holds Benchmark Lending Rates Steady for 17th Consecutive Month

China's central bank left its benchmark lending rates unchanged in October for the 17th straight month, keeping the one-year loan prime rate at 3.00% and the five-year LPR at 3.50%, both in line with market expectations. The People's Bank of China also conducted no seven-day reverse repo operations on the day of the announcement, signaling no immediate shift in short-term liquidity policy.

Separately, China revised its export control measures for certain drone items, with the changes set to take effect on November 18, 2026. On the trade front, China's imports of U.S. soybeans in September rebounded from zero recorded a year earlier, a sign of recovering agricultural trade flows between the two countries.