PBoC steps up support for yuan
Chinese central bank eases limit on firms’ overseas borrowing and keeps key rates unchanged
The People’s Bank of China held its key policy rates and implemented several measures aimed at bolstering the yuan’s foreign exchange rate today (July 20).
The moves came amid faltering economic growth and continuing pressure on the Chinese currency.
The PBoC kept the one-year loan prime rate, or LPR, at 3.55% and the five-year LPR, a reference for mortgages, at 4.2%. The decision was widely expected by analysts, and came after the PBoC left the rate on its medium-term lending facility (MLF)
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