China's benchmark lending rate remained unchanged in September, the country's central bank announced on Friday.
China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.35 percent Friday, unchanged from the previous month.
The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.85 percent, according to the National Interbank Funding Center.
The LPR is the most preferential lending rate offered by a commercial bank to its prime clients, and serves as a reference for other lending rates across the economy.
The loan prime rate is calculated by the National Interbank Funding Center, based on quotes submitted by 20 commercial banks. The unchanged rate suggests confidence in market stability on the part of lenders.
The LPR underwent a major reform in 2019, aiming to enhance the role of the market in LPR quoting, improve the efficiency of interest rate transmission, and lower financing costs for the real economy.
China's loan prime rates remain unchanged
China's loan prime rates remain unchanged
The People's Liberation Army (PLA)'s drills in the Taiwan Strait show its "all-weather" combat readiness and capabilities, military experts said on Monday.
The PLA Eastern Theater Command on Monday organized army, navy, air force and rocket force troops to conduct "Joint Sword-2024B" drills in the Taiwan Strait and the north, south and east of the island of Taiwan.
The Liaoning aircraft carrier group participated in the drill, said Li Xi, spokesperson of the Eastern Theater Command.
During the military exercise, the air and sea forces coordinated with each other as the Liaoning aircraft carrier group deployed at a choke point east of Taiwan island, with the bomber formation breaking the "first island chain" and conducting joint exercises with the aircraft carrier group.
"What does an aircraft carrier do? An aircraft carrier is a portable airport on the sea, and it has a relatively larger combat radius. So its presence reflects the great improvement on our army's cooperative combat and joint operation capability so as to be ready for any such situation in the future," said Meng Xiangqing, a professor at the National Defense University of Chinese People's Liberation Army.
The operations were accompanied by patrols of China Coast Guard vessels, showcasing the PLA's enhanced joint command and combat capabilities.
The exercises also simulated blockades of key ports, presenting the PLA's ability to conduct such operations if necessary. "In this drill, we enriched our operation pattern including sea-air combat police patrol, the containment of key ports and areas, jointly seizing air and sea control and long-range precision strikes on critical targets. Meanwhile, we employed flexible organization of fire units and strike modules. It can be seen that the PLA's toolbox is getting more resourceful and its fist is getting stronger," said Zhang Chi, associate professor at National Defense University of Chinese People's Liberation Army. The exercises commenced overnight into Monday, with forces rapidly deploying and initiating military deterrence actions by 05:00, and experts say the drills send out a clear signal of the PLA's combat capabilities and readiness.
"What do [the drills] imply? They imply that the combat readiness level of our army is very high, at all times. Last night the Eastern Theater Command issued a poster with just four words 'be ready for battle'. That means delivering all-weather battle readiness, ready to fight at any time," Meng said.
PLA drills shows "all-weather" capacity, combat readiness: military experts
