PBOC stands pat on rates, fails to follow Fed as usual

The People’s Bank of China on Thursday decided not to follow the U.S. Federal Reserve in raising interest rates, defying expectations that the Chinese policy makers would follow their usual pattern and respond with small hikes to Fed moves. The Chinese central bank’s decision to stand pat came as data for May indicated the economy is losing steam, with readings on retail sales and fixed asset investments both missing forecasts. Hong Kong’s Hang Seng Index
HSI, -1.03%
dropped 1%, while the Shanghai Composite Index
SHCOMP, -0.18%
slipped 0.2%. The Fed on Wednesday lifted interest rates for the second time this year and hinted another two hikes could be on the cards later in 2018.


http://feeds.marketwatch.com/~r/marketwatch/marketpulse/~3/sLqE9a60JKY/story.aspx

Author: Stocks News Feed

Welcome to Stocks News Feed, Join the Conversation. Don't forget to Share if you like an article.

Leave a Reply

Your email address will not be published. Required fields are marked *