PBoC cuts rates as Xi warns against ‘rapid tightening’

Chinese president Xi Jinping

Chinese Communist Party general secretary Xi Jinping

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

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