People`s Bank of China News

China`s banks unexpectedly extended less credit in March than in the previous month as the government tries to contain the risks from an explosive build-up in debt and an overheating housing market.

Interest rates in China are already on an upward trend as the economy improves, People`s Bank of China (PBOC) adviser Sheng Songcheng told Reuters in an interview.

The central People`s Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 percent from Monday`s fixing, according to data from the Foreign Exchange Trade System. 

Chinese exports sank for a seventh consecutive month in October, data showed Tuesday, as weak global demand dealt a blow to the world`s number two economy following recent signs of stability.

China`s economic growth is expected to cool to 6.6 percent this year and slow further to 6.5 percent in 2017, even as the government keeps up policy support to help ward off a sharper slowdown, a Reuters poll showed.

China`s central bank said Tuesday it was injecting 440 billion yuan ($67 billion) into the money market, seeking to ease tight liquidity ahead of the Lunar New Year holiday when demand for funds surges.

Gold retreated on Monday as the dollar rose versus the euro, but the metal held around a nine-week high as pressure on stock markets continued to support investors` flight to safety.

China cut the yuan`s value against the greenback Monday, making it weaker than 6.5 for the first time in more than four-and-a-half years, with pressure mounting as the world`s number two economy from a growth slowdown.

China`s economic growth is expected to slow slightly to 6.8 percent next year, the central bank said Wednesday, adding that downward pressures would persist for a while. 

China’s central bank is on guard against a sudden attack on the yuan in offshore markets, and is ready to intervene if the gap between offshore and onshore exchange rates becomes destabilising, sources involved in policy discussions say.

China`s giant manufacturing industry contracted while British and eurozone growth eased in August, rattling markets and reinforcing expectations interest rates may fall again or stay near zero for longer.

The People`s Bank of China (PBOC) on Monday announced that it would issue a new 100-yuan bank note from November 12, a media report said.

Economic conditions were complicated and should not be underestimated, the People`s Bank of China (PBOC) said in a statement published on its website.

China`s tumbling stock market showed signs of seizing up on Wednesday, as companies scrambled to escape the rout by having their shares suspended and indexes plunged after the securities regulator warned of "panic sentiment" gripping investors.

Chinese shares tumbled Monday after a rollercoaster ride, extending losses of the past two weeks, while Hong Kong also sank on expectations Greece will default on its debt and possibly crash out of the eurozone.

China's central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support a slowing economy.

China is looking for new ways to lower stubbornly high long-term borrowing costs and stop the fruits of its looser monetary policy being pumped into speculative plays instead of supporting its slowing economy, policy insiders say.

Economists at the central bank said this week they expect growth to pick up modestly in the next six months as previous policy easing measures start to take effect and the housing market stabilises.

China`s central bank warned of deflationary pressure in the world`s second-largest economy on Wednesday as it forecast subdued consumer prices for the year and a challenging growth outlook.

Shanghai jumped 3.04%, or 127.66 points, to 4,333.58 and Hong Kong added 0.51, or 140.86 points, to close at 27,718.20.