Reacting to the US Federal Reserve's recent federal funds rate increase to 2.75%, People's Bank of China Governor Zhou Xiaochuan told People's Daily that China was unlikely to follow Western practice and make frequent rate adjustments to match shifting business cycles. Zhou said the central bank would continue to monitor key indicators but contended that China, as a developing economy, did not have predictable cycles. "From the point of view of interest rates, we can't even say what cycle we're in," People's Daily quoted him as saying.
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