BEIJING : China will lower financing costs for firms, stabilise market expectations and support the property sector in coming months, the central bank said on Tuesday amid a flagging economic recovery.
The People's Bank of China's statement followed a meeting at which officials from the bank and the State Administration of Foreign Exchange looked to the second half of the year. The PBOC will also guide commercial banks to adjust rates on existing mortgages in a legal and orderly manner. China will also pay close attention to cross-border capital fluctuations, keep the yuan basically stable and step up support for firms to hedge exchange rate risks, the PBOC statement said.
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