China’s central bank kept its benchmark lending rates steady as the country held off from aggressively increasing its interest rates, further diverging from the Fed’s 75bps monetary policy tightening. Last week, the central bank kept the interest rate on the one-year medium-term lending facility at 2.85%. On Monday, China’s eighteen commercial banks kept the one-year loan prime rate, a market-based benchmark lending rate, unchanged at 3.7%, according to a notice from the Chinese central bank.