Latest Business News: China Liberalizes Bank Lending Rates in Reform Push

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Latest Business News: China Liberalizes Bank Lending Rates in Reform Push

Latest Business News: China Liberalizes Bank Lending Rates in Reform Push
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Latest Business News: China Liberalizes Bank Lending Rates in Reform Push

Wochit 1:09 mins

China's central bank announced long-awaited interest rate reforms, scrapping the previous floor on the rates that banks charge clients for loans. GlaxoSmithKline has sent its head of emerging markets and two other top executives to China to lead the drugmaker's response to an unfolding crisis over alleged bribery and corruption. Disappointing earnings from two American technology giants, Microsoft and Google, weighed on markets after a stellar run that has seen Wall Street?s main indexes post a series of all-time highs. The Standard & Poor?s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.3 percent, and the Nasdaq composite slumped 0.9 percent. Stocks around the world have had a solid week, especially after the Federal Reserve chairman, Ben S. Bernanke, indicated that the central bank?s monetary stimulus may remain in place for longer than many in the markets had been predicting.

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