PBOC denies interest rate rumour

The People's Bank of China (PBOC), the central bank, denied media reports on Monday that its research bureau had sent a report proposing an interest rate rise to the State Council, China's cabinet.

"Those reports were sheer fabrication and totally groundless," the bank said in a statement published on its website.

The reports have resulted in a "vicious impact" on the bank's research bureau and its staff, and the bureau "reserves the right to take further actions," the statement said.

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