China changes the way bank loan rates are set, with HSBC left out of rate-setting club

China has changed its system for deciding bank lending rates so that the central bank can effectively influence and control interest rates, a significant move in the world’s second-biggest economy.The change – part of China’s long-standing pursuit of a market-based central banking structure – comes as the country’s economic growth is losing steam amid a protracted trade war with the United States and as Beijing seeks to cut financing costs for struggling small firms.Under the new system, a club…

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