The People’s Bank of China left interest rates for open market operations unchanged, even after the Federal Reserve raised interest rates for the fourth time this year. The rate for 7-day reverse repurchase agreements were last reported at 2.55%, the 14-day tenor at 2.70% and the 28-day tenor at 2.85%. The decision follows the bank’s announcement earlier of a new lending tool, the targeted medium-term lending facility (TMLF), aimed at boosting lending to small and private firms. The benchmark lending rate was held steady at 4.35%. It was last cut by 25 basis points in October 2015.
