Only days after formally granting China’s lenders greater freedom to set their own deposit rates, the country’s central bank has moved in the opposite direction by quietly asking several banks not to raise rates too sharply
The “window guidance” from the People’s Bank of China is the latest sign of the delicate balance that authorities are seeking between structural reform to promote long-term growth and short-term support for a slowing economy through lower interest rates.
The PBoC has cut benchmark lending and deposit rates twice since November in an effort to lower businesses’ financing costs and cushion the slowdown.
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