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Chinese central bank cuts key interest rate
Chinese central bank cuts key interest rate

August 15, 2022 – China’s central bank has cut its key interest rate to support the domestic economy, in particular the real estate sector. EU imposes anti-dumping duties on corrosion-resistant steels originating in Russia and Turkey. And the UK announces provisional anti-dumping duties against imports of Chinese aluminum extrusions of up to 128.17%.

Chinese central bank cuts key interest rate

China’s central bank has cut its key interest rate to further stabilize and stimulate the domestic economy following the Corona measures.

The People’s Bank of China cut its one-year policy rate by 10 basis points to 2.75% and the seven-day reverse repo rate to 2% from 2.1%. Economists had expected the one-year medium-term lending facility to remain unchanged.

The central bank hopes this will provide important stimulus, particularly for the real estate sector.

EC introduces anti-dumping duty against corrosion-resistant steels originating in Russia and Turkey

The European Commission has imposed anti-dumping duties against certain corrosion-resistant steels originating in Russia and Turkey, effective August 11, 2022. Turkish imports will now be subject to punitive duties of up to 11%. On Russian imports even up to 37.4%. The EC considered it proven that the measures were necessary to ensure fair competition within the Union.

Provisional anti-dumping duties of up to 128.17% against Chinese aluminum extrusions

The United Kingdom is imposing provisional anti-dumping duties against imports of aluminum extrusions originating in China, effective August 17, 2022. Provisional duties of up to 128.17% have been set.

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