China is expected to leave benchmark lending rates unchanged for an 11th consecutive month in April, a Reuters survey showed, as robust first-quarter growth and a pick-up in inflation have weakened the case for additional monetary stimulus.

This week, China’s economy logged 5.0 per cent growth, picking up from 4.5pc in the previous quarter, and at the top of its full-year target range.

Even before the GDP figures were released, it was evident that the world’s No 2 economy was weathering the Iran war better than others, prompting major investment banks to walk back calls for rate cuts.