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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Under the proposed rule, so-called countervailing duties could be imposed when foreign governments “subsidise” their products by weakening its currency relative to the US dollar to gain competitive advantage, according to the US Commerce Department. Photo: Xinhua

China would not fall foul of US proposal to penalise currency manipulators, analysts say

  • US President Donald Trump seeking to penalise countries that allow their currency to fall against the US dollar to offset the impact of new US trade sanctions
  • The yuan has fallen about 8 per cent against the US dollar since the trade war started in July last year, but China does not meet the current criteria to be labelled a currency manipulator
Topic |   Currencies

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Under the proposed rule, so-called countervailing duties could be imposed when foreign governments “subsidise” their products by weakening its currency relative to the US dollar to gain competitive advantage, according to the US Commerce Department. Photo: Xinhua
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