January 4, 2019 / 12:08 PM / 3 months ago

China's central bank to keep interest rates stable

FILE PHOTO: People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - China’s central bank said on Friday it will keep interest rates stable and steadily push forward the internationalisation of its yuan currency, after it cut the amount of cash that banks must hold as reserves for the fifth time in the past year.

China will also resolve risks in its financial sector, such as shadow banking and bond defaults, the People's Bank of China said in a statement on its website www.pbc.gov.cn

Earlier on Friday, the central bank said it was cutting the reserve requirement ratio to free up $116 billion (£91.5 billion) for new lending as it tries to reduce the risk of a sharper economic slowdown.

Reporting by Meg Shen in Hong Kong and Kevin Yao and Stella Qiu in Beijing; Editing by Robert Birsel

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