Governor Yi Gang confirmed the People's Bank of China is considering scrapping its official benchmark lending rates. Photo: Xinhua

China mulls scrapping benchmark lending rates in line with market conditions in latest reform move

  • People’s Bank of China weigh further interest rate liberalisation in the midst of the trade war with the United States
  • PBOC governor Yi Gang also expresses confidence that the central bank can keep the yuan’s exchange rate relatively stable ‘at a reasonable and balanced level’
Topic |   China economy

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Governor Yi Gang confirmed the People's Bank of China is considering scrapping its official benchmark lending rates. Photo: Xinhua
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.