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China has kept its market-based benchmark lending rates unchanged for a seventh month in March, the country's central bank announced on Monday.
The one-year loan prime rate (LPR), which influences most new and outstanding loans in China, remains at 3.65 percent. The over-five-year LPR, on which many lenders base their mortgage rates, stands at 4.3 percent.
The monthly-released data serves as a pricing reference for bank lending and is based on the central bank's open market operation rate.
Citic Securities said the capital cost saved by cutting the reserve requirement ratio (RRR) is relatively limited, which may not be enough to push LPR down.
Also, many cities have liberalized the lower limit of mortgage interest rates, therefore, there is little need for LPR cuts to drive down mortgage rates, Citic Securities said.
Wen Bin, chief economist at China Minsheng Banking, said the current level of real interest rate is relatively appropriate.
He added that with the stabilization and recovery of China's economic operation, the economic cycle becomes smoother.
Therefore, further interest rate cuts will become less necessary this year, he said.
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