PBoC unhappy with oil pricing system

China's central bank noted in its quarterly monetary report that the country needed to reform the way oil prices are set.

The People's Bank of China (PBoC) said rising crude oil prices can be better passed on to the consumer. The government has let retail oil product prices rise by little over 15 percent since the start of the year, even though the price of global crude has risen by more than 50 percent in the same period.

As a consequence of the Chinese pricing structure, refiners are losing

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