SHANGHAI: China’s blue-chips closed down on Monday as financial and infrastructure shares retreated after China kept its benchmark lending rate unchanged, while property developers gained in late trade after reports that a big city lowered mortgage rates.

The blue-chip CSI300 index fell 0.4% to 4,634.31, while the Shanghai Composite Index was unchanged at 3,490.61 points.

China kept its benchmark lending rates for corporate and household loans unchanged at its February fixing on Monday, in line with market expectations.

“The PBOC should have less urgency to ease further and take a time break in its rate-cut cycle before the National People Congress in March,” said Ken Cheung, Chief Asian FX Strategist at Mizuho Bank. “We believe that the downside risks are still dominating in the China economy and the PBOC’s rate-cut cycle is not yet over.”