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Beijing increased its base by 80 yuan (US$11) to 2,200 yuan (US$311) per month from July 1, after Shanghai’s increase to 2,480 yuan per month from April 1.
China lowered its lending reference rate to 4.25 per cent from the one-year official benchmark of 4.35 per cent as part of a long-term modernisation process.
The People’s Bank of China now requires banks to benchmark their loan rates against the medium-term lending facility instead of the official benchmark lending rates.
Chinese consumers’ high debt level makes government efforts to boost spending ineffective, despite vow to boost domestic economy to offset external headwinds.
Markets slid on the potential further escalation in US-China tensions, with analysts predicting more tariffs to come.
US Treasury declared China a ‘currency manipulator’ on Monday after the yuan fell below the key threshold of 7 to the US dollar for the first time since 2008.
Shanghai was the only authority that ran a surplus financial position in the first six months of the year, adding to fears after recent bank takeover and bailout.
The yuan was allowed to weaken beyond the rate of 7 to the US dollar on Monday morning in response to Donald Trump’s threat of increased tariffs on Chinese goods.
The People’s Bank of China dependent on direction from the government, while the US Federal Reserve has had to defend its independence under pressure from Donald Trump.
People’s Bank of China survey of 18,600 residents from 31 provinces shows income constraints and a preference to save money curb willingness to spend.
With the US Federal Reserve expected to make first rate cut in a decade, all eyes are on the response from Beijing.
Quarterly meeting of the country’s top leadership chaired by President Xi Jinping concluded China must rely on its domestic demand potential.
People’s Bank of China says ‘regulatory vacuum has led to risk accumulation and exposure’.
National Development and Reform Commission will lead a body made up of 24 ministries to upgrade consumption and study new ways to boost spending.
Total losses of 5 million represent 3.4 per cent of total employment in the sector and 0.7 per cent of the labour force, according to China International Capital Corp.
International Monetary Fund reduced its 2019 world growth forecast down to 3.2 per cent, 0.1 percentage point below its previous outlook released in January.
The 25-member group, headed by President Xi Jinping, is expected to gather before the end of July to discuss plans for the next six months.
The cost of borrowing for small private companies can be more than double that of large companies, including state-owned enterprises, a Chinese investment bank found.
International Monetary Fund says Beijing’s handling of the yuan in 2018 was ‘broadly in line’ with the state of its economy despite claims from US President Donald Trump.
Commentary published on Tuesday by the ‘Global Times’ suggested the United States was trying to ‘scare’ China into a deal to end the trade war.
Reforms intend to encourage insolvent firms to close down so resources can be better allocated in the economy as Donald Trump’s tariffs take effect.
Beijing increasing the influence of state-owned enterprises, an area US President Donald Trump wants to be reformed as part of the trade war negotiations.
New bank lending rises 1.66 trillion yuan (US$242 billion) in June, the largest increase since January’s record.
Liu He seeks to offer boost ahead of release of gross domestic product data next week after resuming trade talks with US negotiators this week.
Some see inclusion of Commerce Minister Zhong Shan as a step to toughen Beijing’s negotiating position.
‘No such thing’ as a large number of foreign firms pulling out of China, says Ministry of Commerce spokesman Gao Feng.
Speech by former People’s Bank of China governor Zhou Xiaochuan shows that China is rethinking its digital currency strategy and could involve commercial entities.
New digital currency could have major impact on monetary policy and financial stability, warns Wang Xin, director of the People’s Bank of China research bureau.
Construction of new high-speed link between Zhengzhou in Henan province and Jinan in Shandong delayed due to funding issue as Beijing seeks to reduce local government debt.
Beijing should sign a free-trade deal with Britain as soon as possible and push for better trade and investment cooperation with the EU, Renmin University says.
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