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No Plan for Interest Rate Change, Central Bank
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China's central bank said on July 20 it is not considering any change in the current interest rate of bank savings, which Governor of the People's Bank of China Dai Xianglong described as "rational" to the present situation.
Dai said at a press conference Wednesday that the seven consecutive interest rate cuts since 1999 have paid off in stimulating domestic consumption, reducing the burdens of state-owned enterprises and boosting the stock market.
He said that China's proactive monetary and fiscal policies have resulted in an overall recovery of the economy and that future policies will be aimed at consolidating and developing the current favorable economic situation.
(People’s Daily)
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