China Money Rate Completes Longest Rising Streak in Eight Months
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China’s benchmark money-market rate rose for an eighth day, the longest stretch since July, after a central bank official said the nation will make “substantial progress” in freeing up interest rates.
People’s Bank of China Deputy Governor Yi Gang said the monetary authority will focus on deposit-rate reform this year and next, Caixin magazine reported on its website March 22. He was speaking at a forum in Beijing. China won’t use fiscal stimulus to encourage investment, and instead will focus on quality of growth, Finance Minister Lou Jiwei said at the same event, comments posted on Sina.com’s website show. The central bank gauged demand for 14- and 28-day repurchase contracts today, according to a trader.