SHANGHAI (Reuters – China’s benchmark lending rate will remain at Monday’s fixed monthly level, according to a Reuters survey. The move is part of a policy effort to curb risk in the country’s property sector.

Snap polling 23 market participants revealed that 21 of them expected no changes in the LPR (loan prime rate) for one year or five-year loans at the next setting.

This would mark the 19th consecutive month of no rate change. It follows the People’s Bank of China’s decision to maintain the same interest rate for its medium-term loans.

Two other respondents predicted a slight cut of five basis points in the one-year LPR, and they expected no changes to the five year tenor. This influences mortgage pricing.

The current one-year LPR rate is 3.85%, while the 5-year rate is 4.65%.

Central bank fully extended the maturity of medium-term loan facility (MLF), which was due in this month. This kept the borrowing cost constant for the 19th consecutive month.

MLF is a guideline for LPR. Many traders and analysts believe that any adjustments to LPR should mirror changes in the borrowing costs of MLF loans.

Ming Ming (head of fixed income research, CITIC Securities), stated in a note that “the current downward pressure on economic growth is relatively high” and said financial institutions are not motivated to increase credit lending.

He stated that “Against the background of missing guidance on cuts to reserve requirements ratios or interest rates it will be harder to promote credit growth by lowering LPR in order to reduce banks’ net interests margins.”

Ming added that the policy had already begun to move to marginal easing as a response to credit risks from real estate firms, and to the downturn of the property sector.

China’s key driver of economic growth is the property sector. However, it has seen a sharp decline in this area. Beijing cracked down on speculation to reduce financial risk.

Premier Li Keqiang stated this week that China’s economic fundamentals are not changing and insisted Beijing wouldn’t engage in flood-like stimuli.

Carl Tannenbaum is chief economist at the Chinese Institute of Economics. He stated that Chinese policymakers try to strike a balance between encouraging economic growth and limiting leverage. Then, they deal with issues in the property market. Northern Trust (NASDAQ:).

LPR stands for the lending reference rate, which is set each month by 18 banks. The survey received 23 responses from select participants via a private messaging platform.