SHANGHAISINGAPORE, June 20 Reuters China left benchmark lending rates unchanged at a monthly fixing on Thursday, in line with market expectations.

WHY IT39;S IMPORTANT

The steady monthly LPR fixings underscore that Beijing39;s monetary easing efforts continued to be limited by narrowing interest rate margins and a weakening currency, despite a flurry of recent data showing more support is needed to shore up an uneven economic recovery.

BY THE NUMBERS

The oneyear loan prime rate LPR was kept at 3.45, while the fiveyear LPR was unchanged at 3.95.

In a Reuters survey of 30 market participants conducted this week, 21, or 70 of all respondents, expected both rates to stay unchanged.

China39;s new home prices fell at the fastest pace in more than 912 years in May, official data showed on Monday, with the property sector in a depressed state despite government efforts to rein in oversupply and support debtladen developers.

New bank lending in China rebounded far less than expected in May and some key money gauges hit record lows, suggesting the world39;s secondlargest economy is still struggling to pick up the recovery pace.

CONTEXT

Most new and outstanding loans in China are based on the oneyear LPR, while the fiveyear rate influences the pricing of mortgages.

The fiveyear LPR was lowered by a decent 25basispoint in February to support the housing market.

Financial News, a central bankbacked newspaper, said in a commentary this week that China still has room to lower…