US should not shun global trade system

China's central bank surprised expectations by leaving borrowing costs for interbank loans unchanged on Thursday despite the US Federal Reserve raising benchmark interest rates. A decision that has sparked fresh concerns about the state of the Chinese economy.

It had been expected that the People's Bank of China would raise borrowing costs after the Fed raised benchmark interest rates on Wednesday to reduce the risks of potential capital outflows.

Such voices of doom have been heard each time the Fed has raised rates before, and each time they have proved to be false cries of alarm, since China's policymakers have factored in the Fed's rate hikes into their outlooks.