August 7, 2019 / 12:12 PM / 3 months ago

China c.bank denies rumours about interest rate cuts

BEIJING, Aug 7 (Reuters) - China’s central bank on Wednesday denied, and dismissed as untrue, rumours circulated online about its decision to cut the benchmark deposit and lending interest rates from August 10, saying it had asked police to investigate.

The People’s Bank of China made the statement on its official social media account, but gave no other details.

Reuters could not independently verify the source of the rumours.

China let the yuan breach the key 7-per-dollar level on Monday for the first time in more than a decade, a sign Beijing might be willing to tolerate more currency weakness that could further inflame a trade conflict with the United States.

Earlier on Wednesday, three regional central banks - those of India, New Zealand and Thailand - cut their interest rates in a bid to spur growth. (Reporting by Stella Qiu, Cheng Leng and Kevin Yao; Editing by Clarence Fernandez)

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