China left its benchmark lending rates unchanged as expected after the economy showed signs of improvement at the start of the year.

At a monthly fixing on Monday, the People’s Bank of China kept the one-year loan prime rate at 3.45 percent.

Likewise, the five-year LPR, the benchmark for mortgage rates, was retained at 3.95 percent. Previously, the five-year LPR was lowered by 5 basis points in February to support the property market.

The PBoC fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing.

The LPR replaced the traditional benchmark lending rate in August 2019.

The unchanged rate decision came in line with expectations as the medium-term lending facility, which acts as a guide to loan prime rates, was left unchanged last week.

Data released last week showed that the second largest economy gained strength in the first quarter as strong exports on the back of weaker currency helped to counteract the downturn in the property market.

Gross domestic product posted a faster growth of 5.3 percent after rising 5.2 percent in the previous quarter. Beijing aims to achieve a growth rate of about 5 percent in the whole year of 2024.