August 20, 2019 / 3:37 AM / 2 months ago

China central bank reiterates it will work to lower corporate funding cost

FILE PHOTO: A woman walks 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

BEIJING (Reuters) - China’s central bank said on Tuesday recently announced interest rate reforms cannot replace monetary policy or other policies.

The People’s Bank of China also said in a statement it will work with other Chinese government departments to take measures to cut corporate funding costs, especially for small and private companies.

China on Tuesday unveiled its new reference lending rate for banks to set rates on new loans.

Reporting by Beijing Monitoring Desk; Editing by Sam Holmes

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