The People's Bank of China has maintained its 7-day reverse repo rate unchanged in recent open market operations, consistent with the 16-month streak of steady loan prime rates set at 3.00% and 3.50% on September 20. Policymakers have emphasized slower loan growth as the new normal amid subdued domestic credit demand, while prioritizing exchange rate stability and calibrating tools without broad easing, even as global central banks have shifted hawkish. This backdrop, reinforced by the latest monetary policy committee statement highlighting continuity and forex management priorities, underpins the near-certain trader consensus for no adjustment through September 30. A surprise rate move in the final days remains possible only if incoming data or external pressures prompt an unscheduled policy response.