China kept a key interest rate unchanged — a move widely expected by economists — as it seeks to keep its powder dry ahead of possible escalation in trade tensions with the US.

The People’s Bank of China held the interest rate on the one-year medium-term lending facility steady at 2%, according to a statement on Wednesday. Nine out of the 10 economists surveyed by Bloomberg forecast no change. The rate was last cut in September by 30 basis points.

Earlier this month, policymakers have pledged “moderately loose” monetary policy — the first shift in stance in about 14 years — along with “more proactive” fiscal tools to bolster the economy. But so far, they have refrained from announcing any concrete stimulus, reflecting their patience before the US imposes the tariffs that President-elect Donald Trump threatened earlier.

Still, the market has ramped up bets on sizable interest-rate reductions next year, sending China’s sovereign bond yields to record lows.

On Wednesday, PBOC offered 300 billion yuan ($41 billion) of policy loans via MLF, versus with the maturities of 1.45 trillion yuan in December. It would be the fifth month in a roll that the central bank withdrew cash with the tool on a net basis.

The cash shortfall could potentially be offset by PBOC’s liquidity provisions through other instruments. Last month, the central bank injected a net 1 trillion yuan of funds through the so-called outright reverse repurchase agreements and purchased government bonds.

The operations reflect China’s goal of gradually downplaying the role of MLF and prioritizing shorter-term rates as policy anchors.