The People’s Bank of China plans to cut interest rates this year as it makes a historic shift to a more orthodox monetary policy to bring it closer into line with the US Federal Reserve and the European Central Bank.
In comments to the Financial Times, the Chinese central bank said it was likely it would cut interest rates from the current level of 1.5 per cent “at an appropriate time” in 2025.
It added that it would prioritise “the role of interest rate adjustments” and move away from “quantitative objectives” for loan growth in what would amount to a transformation of Chinese monetary policy.
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