China Blames Fed For Market Rout

Xinhua reports: The China central bank blames wide-spread expectations of a Fed rate hike in September for the global market rout... demanding The Fed "remain patient."

China surprises with an interest rate cut

The People's Bank of China (the central bank in China) cut the official one-year borrowing rate by 25 basis points to 6.31 percent and the one-year deposit rate to 3.25 percent.

Concern about slowing growth in China and other global macroeconomic events promoted the surprise announcement. This was the first cut since 2008.

PBOC plans overhaul of money policy

China's central bank is planning to use an indicator measuring total financing quantity and broader measures of money supply, such as M3 and M4, to better monitor liquidity conditions and curb inflation, local media reported on Thursday.


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