The People’s Bank of China left interest rates for open market operations unchanged even after the Federal Reserve raised interest rates for the third time this year. The rate for 7-day reverse repurchase agreements remained at 2.55%, the 14-day tenor at 2.70% and the 28-day tenor at 2.85%.

The central bank attributed relatively high liquidity levels to quarter-end fiscal expenditures, which could absorb factors including maturing reverse repos and government bond issuance. The benchmark lending rate was held steady at 4.35%. It was last cut by 25 basis points in October 2015.