China's central bank, the People's Bank of China (PBOC), unexpectedly maintained its benchmark lending rates, keeping the one-year loan prime rate at 3.35% and the five-year rate at 3.85%, despite market expectations for a cut following the U.S. Federal Reserve's significant interest rate reduction. This decision comes as China's economic indicators have been disappointing, with retail sales and urban investment growth slowing, prompting calls for more fiscal and monetary stimulus. Analysts believe further stimulus measures may be imminent to support the struggling economy, which has seen a rise in the urban unemployment rate and a decline in home prices. A recent Reuters survey indicated that a majority of market participants anticipated a rate cut this month, reflecting concerns over economic momentum. Major brokerages have also revised down their GDP growth forecasts for China in 2024, now projecting below the government's target of 5%. Policymakers are under pressure to implement strategies that bolster economic activity and meet development goals.