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PBOC plans tool to guide interest rates, reports say

The central bank is planning to create a new monetary tool that will help adjust supply to the country's monetary base and consequently help guide medium-term interest rates, the China Business News said on Wednesday without citing sources. The new tool is a type of supplementary lending instrument backed by collateral. Temporarily called Pledged Supplementary Lending, the tool is similar to the People's Bank of China's existing re-lending monetary tool, the newspaper said.

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