Many analysts expect China’s central bank to cut the rate on its medium-term lending facility on Wednesday, as the government steps up efforts to revive its pandemic-hit economy.
Eight officials in China’s finance sector and a haul of luxury handbags, iPhones and caterpillar fungus have been swept up as part of an accelerating anti-corruption campaign.
China’s central bank says the yuan exchange rate is ‘basically stable’ and the economy is better positioned to deal with currency volatility and cross-border capital flows than at the start of the year.
The International Monetary Fund has cut China’s economic growth forecast from 4.8 per cent to 4.4 per cent, amid intense efforts by state media to play down concerns about the country’s slowing growth outlook.
China’s central bank said in a draft law released on Wednesday that the existing legal framework to mitigate financial risks is disorganised and ‘lacks overall design’.