China may have a new way of boosting its economy. Here's what the central bank just did [CNBC]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: CNBC
China's central bank has changed the way commercial lenders set interest rates for loans — a move expected to bring borrowing costs lower at a time when the Chinese economy needs a boost. Growth in China is slowing down as its trade war with the U.S. looks set to intensify in the coming months. Chinese authorities have used both monetary and fiscal measures to lift economic activity, but analysts say certain segments of the economy could use more help. "This is a welcomed move in lowering the costs of borrowing especially for smaller businesses, and it comes at an important time as China's GDP growth is at risk of falling below 6% in 2020 as US tariffs on Chinese goods are repeatedly ramped up," analysts from Singapore's United Overseas Bank wrote in a Monday note. The International Monetary Fund has projected China's growth to be at 6.2% in 2019 and 6.0% in 2020 . But those forecasts were made before the latest escalation in the U.S.-China friction , which is expected to lead to mor
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