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On Thursday, China's major bank had money market rates lifted because the government sought to diminish financial risks without affecting the national economy, as activity was still broadly firm.
For the last months the world's number two economy has started cooling amid a government crackdown on high-risk lending as well as polluting factories, not to mention the move by the country’s major bank - coming hours after an expected Fed rate lift – indicated that the Chinese authorities will keep policy tighter in 2018.
A bunch of reports on the day highlighted the economic influence of government efforts to wean the Asian country off its years of a strong addiction to debt, with investment, industrial output and property market all supporting evidence of a moderation in momentum.
Market experts told that the PBOC rate lifts, widely considered to be a backdoor approach neutralizing the necessity to lift benchmark policy rates, won’t impede activity, although they pointed to the government’s commitment to keep curbing leverage.
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