The People's Bank of China

A man walks by a fruits vendor waiting for customers outside a luxury housing construction site in Beijing, Tuesday, Sept. 24, 2024.

China's central bank on Wednesday said it would slash another key interest rate, a day after it unveiled a raft of new measures aimed at boosting its ailing economy.

Chinese consumer inflation rose more than expected in July to hit a five-month high, data showed on Aug. 9, providing some much-needed positive news on the world's number-two economy.

The reading comes as authorities struggle to kickstart activity among the country's army of consumers, with officials last week issuing a set of directives aimed at boosting buying.

Gold prices surged to a new all-time high of 2,353 USD per ounce during early trading on Monday, continuing a rapid ascent witnessed over the past two weeks. This surge comes as investors grapple with the aftermath of a robust U.S. jobs report released on Friday, which has prompted reconsideration of market expectations regarding the Federal Reserve's interest rate policy.

China's central bank yesterday cut a key benchmark lending rate used to price mortgages, as Beijing seeks to rescue its housing market from a deepening crisis and boost flagging growth in the country's economy.

The largest Chinese state banks were busy this week selling US dollars for yuan, both in onshore and offshore foreign exchange markets, to slow down the depreciation of the yuan. While they also trade on their own behalf or to fulfill client orders, state banks often act on the central bank's instructions when the yuan is under pressure, as is the case currently.

In the dynamic context of our rapidly evolving global environment, the convergence of time-honored industries with state-of-the-art technologies has given rise to a myriad of inventive and forward-thinking solutions.

China's Central Bank yesterday cut two benchmark interest rates, following several similar measures in recent days in a bid to counter the post-COVID growth slowdown in the world's second-largest economy.

Last week, the People's Bank of China (PBoC) lowered two other key rates and pumped billions into financial markets, as fresh data showed the economy continued to struggle.

In Washington they paused; in Frankfurt they hiked; and in Beijing, they cut.

Central bankers in three of the world's key economic regions have unveiled divergent monetary policies this week as they each contend with their own challenges.

China's exports fell in May for the first time since February, data showed yesterday, breaking a two-month growth streak as a post-Covid rebound faded and adding to speculation that officials will unveil fresh stimulus measures.

Rising global inflation, the threat of recession elsewhere and geopolitical tensions with the United States have weakened demand for Chinese products.

China retained its central bank chief on Feb. 12 in a surprise move, as the country appointed a cabinet focused on fighting economic headwinds.

Yi Gang was confirmed as governor of the People's Bank of China at a meeting of China's rubber-stamp national legislature, against expectations that retirement-age Yi would step down.