August 16, 2019 / 11:34 AM / 9 months ago

China says will rely on reforms to lower real interest rates

BEIJING, Aug 16 (Reuters) - China will rely on market-based reform measures to help lower real interest rates for companies, state television quoted the cabinet as saying on Friday.

China will reform and improve the market mechanism for banks to set rates on their loans, allowing them to price loans based on the rates of the central bank’s open market operations, the State Council was quoted as saying after a regular meeting.

It will ensure the average funding costs for small companies fall by 1 percentage point this year, it added. (Reporting by China Monitoring Desk and Kevin Yao; Editing by Clarence Fernandez)

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