China’s central bank cut one of its policy rates today (January 17) as the country’s leader warned against excessive monetary tightening.  

The People’s Bank of China lowered its one-year loan prime rate by five basis points to 3.8%, the first cut since April 2020. Hours after it did so, Communist Party general secretary Xi Jinping gave a speech to the World Economic Forum warning against excessively fast monetary tightening.  

Xi’s speech came as China’s National Bureau of Statistics released