China, Central Bank | featured news

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

China's economy hasn't shown any signs of rebounding in the third quarter, and domestic investment is unlikely to expand dramatically in the short term, a central bank adviser said.

Stocks edged slightly higher on Thursday, up for a fifth session, on better-than-expected jobless claims and trade data in the United States and hopes of further stimulus action from China's central bank.

China's central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending to head-off the risk of a sudden slowdown in the world's second-largest economy.

China loosens its currency controls in a move that may spur gains in the value of the yuan. From Monday, the yuan can fluctuate up to 1% in trading against the US dollar from a fixed price set by the central bank, the People's Bank of China said.

Germany and France clashed on Wednesday over whether the ECB should take bolder steps to stem the euro zone debt crisis, with Chancellor Angela Merkel issuing one of her starkest warnings yet against fiddling with the central bank's strict inflation-fighting mandate.

China's central bank increased interest rates on Tuesday for the fourth time since October, raising suspicions that data next week may show inflation rose more than expected in March.

China's central bank raised interest rates on Tuesday, its second increase in just over a month, intensifying its fight against stubbornly high inflation.

The central bank said it would raise benchmark one-year deposit and lending rates by 25 basis points each, a move that reflects its concern about rising domestic asset prices and inflation.