China’s domestic interest rates have been falling during the last 12 months, despite the lack of policy rate cuts, a People’s Bank of China official said.
Sun Guofeng, head of the monetary policy department of the PBoC, said the seven-day interbank repo rate was 45 basis points lower year-on-year at the end of June. The interbank repo rate, a key Chinese money market rate, had fallen to 2.56%, Sun told reporters on July 12.
Chinese authorities intend to further reduce real interest rates for
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