China’s central bank kept its benchmark lending rates unchanged for the fourth month in a row, holding the one-year rate at 3.0% and the five-year rate at 3.5%, despite the U.S. Federal Reserve cutting rates last week.

The decision aligns with expectations that authorities would avoid major stimulus amid a recent stock market rally, even as economic data show signs of slowdown.

Retail sales and industrial output growth weakened in August, while wholesale prices remained in deflation and export growth slowed to its lowest since February.

Analysts note that China’s growth momentum is faltering due to a real estate slump, fading fiscal stimulus, and curbs on industrial capacity, CNBC has reported.

The benchmark CSI 300 index opened higher Monday but later edged down slightly, while the offshore yuan strengthened modestly.