The People’s Bank of China (PBoC) held its benchmark interest rates steady on March 20th, defying market forecasts that pointed to a reduction in borrowing costs amid widespread disruptions to businesses and activity from the Covid-19 crisis. The decision contrasted with other central bank’s moves, as policymakers around the world have been unleashing massive stimulus packages to support their economies hurt by the pandemic. The one-year loan prime rate (LPR) was left unchanged at 4.05% from the previous monthly fixing while the five-year remained at 4.75%.