Chinese central bank refuses rate cuts

China's central bank denied rumors that it had made the decision to cut its key deposit and lending rates as of August 10, saying that they were incorrect, adding that she had asked the police to conduct an investigation. The social did not give more details.

China has allowed its currency to break the 7 yuan mark against the dollar on Monday for the first time in more than 10 years, a sign that Beijing may be ready to accept a further depreciation of the local currency, which could fuel a trade dispute with the United States.

Earlier in the day, three regional central banks – India, New Zealand and Thailand – announced a rate cut to boost growth.