Asian markets drifted lower on Tuesday in a session light on fresh news, as China kept its benchmark lending rates on hold and guided the yuan to its strongest official fixing in more than three and a half years. China left its one-year loan prime rate at 3.0% and the five-year rate at 3.5%, extending the hold to 17 months. The decision was widely expected after stronger-than-forecast third-quarter growth reduced pressure for easing. The rates have taken a back seat as policy tools, with the central bank’s seven-day reverse repo rate serving as its main policy signal, though the LPR remains the benchmark for most loans and mortgages. The bigger policy story came from China’s money markets.
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