PBOC leaves short-term interest rates unchanged

China’s central bank left short-term interest rates unchanged on Thursday, choosing not to follow the Fed's decision to hike rates by 25 basis points. 

The interest rates in China do not always move in tandem with US interest rates. Nevertheless, the decision to stand pat indicates growing concerns about the slowdown in the world's second-largest economy and could accentuate the bearish pressure around the Chinese yuan.