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[email protected]D O N W E I N L A N D —BEIJINGChina’s central bank will replace its key
lending rate with a more market-driven
benchmark in a long-awaited reform
designed to lower borrowing costs for
companies experiencing record defaults
this year.
Bank lending in China is priced based
on a lending rate set daily by the People’s
Bank of China. Banks have used the rate
as guidance but the central bank has
maintained a strong position in deter-
mining the cost of corporate loans.
Measures announced by the centralbank at the weekend will make the loan
prime rate, or LPR, the benchmark for
lending.
Under the regime, the LPR pricing
will be linked to the one-year medium-
term lending facility, a rate that is
viewed as being closer to market rates
for credit and will help lower the cost of
borrowing for private companies.
The central bank said in a statement
that the move was a “market-based
reform measure that will lower real
lending rates”.
Urgency has been added to Beijing’s
efforts to liberalise rates during the past
year as private companies in China face
tightened access to credit and an eco-
nomic downturn linked to the intensify-
ing trade dispute with the US.
Fitch, the rating agency, said itexpected record default levels this year
due to increased refinancing pressure
and poor investor sentiment caused by
the trade war.
The early effects of the latest reform
on loan pricing would be hard to gauge,
analysts said. The lending rate under
the old regime was 4.35 per cent, while
the one-year medium-term lending
facility, to which the new LPR will be
linked, was 3.3 per cent.
“In any case, since policymakers arekeen to lower the funding cost in the real
economy, both the LPR and average
loan rate will probably drop, albeit mod-
estly, after the new mechanism starts,”
said Larry Hu, head of greater China
economics at Macquarie Capital. “Oth-
erwise, they could put more pressure on
banks.”
Analysts said that while they
expected the new rate to move closer to
market-driven pricing, they also fore-
saw continued influence from the Peo-
ple’s Bank of China.
“There are still some obstacles ahead
for full-on interest rate liberalisation in
China,” said Eva Yi, a CICC analyst. “The
PBoC will probably remain involved in
the LPR pricing for now, in order to safe-
guard the transition and prevent poten-
tial spikes in interest rate volatility.”The LPR will be published on the 20th
of each month, starting tomorrow.
Interest rate liberalisation in China
has been a painfully slow aspect of
financial sector reform.
The country’s banking system was
designed to channel the savings of its
people into low-cost loans for state-
owned companies. For many years,
deposit rates and lending rates were
kept artificially low for this purpose.
In recent years, state financial plan-
ners have pushed through a number of
reforms that have nudged the system
closer to market forces. The official
lending rate was scrapped in 2013,
although it has until now remained the
key benchmark for the cost of loans. In
2015, the central bank also removed its
cap on deposit rates.L AU R E N F E D O R— DES MOINESIowa’s Democratic Wing Ding was a
rowdy affair. Thousands packed the
Surf Ballroom, a small-town concert
venue where Buddy Holly played his
final show, as more than 20 presidential
contenders were each given five min-
utes to make their case.
The candidates shouted to be heard
but the room fell silent when Cory
Booker, the New Jersey senator, spoke
on gun violence after the mass shootings
in El Paso, Texas and Dayton, Ohio.
“This is one of those moral moments
in our nation that is going to define the
character of our country, and this is a
week where I will not let the slaughter of
our fellow citizens just disappear within
the next media cycle,” Mr Booker said at
the event earlier this month.
Mr Booker, who was mayor of Newark
for seven years before his election to the
Senate in 2013, is known for his soaring
rhetoric — he is fond of citing scripture
and quoting Martin Luther King Jr and
poet Langston Hughes. As his remarks
reached a peak, the Wing Ding was on its
feet. The performance provided Mr
Booker with something he has lacked in
his presidential campaign so far: a brea-
kout moment.
Long viewed as a rising star in the
Democratic party, the Stanford football
recruit and Rhodes scholar has lan-
guished in the polls, commanding just
2 per cent nationwide, according to an
average compiled by Real Clear Politics.
This may be in part due to Mr
Booker’s more moderate pedigree and
ties to Wall Street. According to the
Center for Responsive Politics, he has
raised more money from lawyers and
securities and investment firms than
any other industry since he came on to
the national stage in 2013.
“For some true-blue progressives,
that might not make him their first
choice,” said Andra Gillespie, an associ-
ate professor of political science at
Emory University and author ofThe
New Black Politician: Cory Booker, Newark
and Post-Racial America.
But on gun control, Mr Booker may
have found his issue. His campaign callshis 14-point plan the “most sweeping
gun violence prevention proposal ever
advanced by a presidential candidate”
and his proposals for a nationwide
licensing scheme have been adopted by
Elizabeth Warren, the senator from
Massachusetts, and Beto O’Rourke, the
former Texas congressman.
The New Jersey senator has also
proven adept at winning over voters
with his stump speech. “He felt like a
very genuine speaker, a very genuine
candidate,” said Juan Bibiloni, an under-
graduate at Iowa State University who
supported Bernie Sanders in 2016, afterhearing Mr Booker speak in Ankeny,
just north of Des Moines. “It didn’t feel
packaged. It felt like he had given a lot of
thought to his words and his policies.”
Sachin Raghothaman, a recent Iowa
State graduate who was leaning towards
Mr Sanders or Ms Warren before hear-
ing Mr Booker, said: “After hearing Cory
talk, I think if he was to become one
of the frontrunners, he would have a
better shot of actually beating Donald
Trump.”
A Morning Consult poll released last
week signalled he was breaking into the
top tier. The survey had him tied forfourth place in early primary states at 6
per cent with Kamala Harris, the Cali-
fornia senator, Pete Buttigieg, mayor of
South Bend, Indiana, and Tom Steyer,
the investor.
Mr Booker has also maintained high
favourability ratings, which pollster
Tom Jensen said “gives him a lot of
potential to move up in the horse race as
the contest moves along”.
Yet backers and critics alike have
questioned whether his tendency to
wear his heart on his sleeve will resonate
with sceptical voters who may find him
too earnest, or not tough enough to take
on the president.
“Donald Trump and Republicans
have made the sentiment across the
country more negative and dark,” said
Khary Penebaker, a Democrat from
Wisconsin who supports Mr Booker.
“People may be looking for someone
who is going to throw punches all the
time rather than uplift people.”
Those who have followed Mr Booker’s
career from the beginning say it is too
simple to credit his recent success to
good speeches.
Ms Gillespie said Mr Booker is work-
ing hard in Iowa and other early pri-
mary states — something he learnt from
his earliest days in politics.
“The idea that he is spending a lot of
time in Iowa and the field operations,
the organisers that are in the state are
taking names and following up with vot-
ers... is exactly the same thing he did
in Newark,” she said. “The question is:
does it pay off?”
“I get the sense that [Mr Booker] is
styling himself as... [the] one that
comes out from the pack from obscurity
to end up being the choice,” she said in
reference to Bill Clinton, who was a lit-
tle-known Arkansas governor at this
point in the 1992 race. “If I had to sum
up his strategy, what I think he is trying
to do is slow and steady wins the race.”
Strategists say there is plenty of time
for Mr Booker to gain ground, especially
as the Iowa caucuses are still nearly six
months away.
“There is a continuing huge gap
between where the activists and politi-
cal insiders are focused, and where the
voters are,” said Matt Bennett, co-
founder of Third Way, the Democratic
think-tank, who worked on both of Mr
Clinton’s presidential campaigns. “The
idea that polling is predictive at this
stage is wrong.”A N D R E W E N G L A N D— LONDON
NA J M E H B OZO R G M E H R— TEHRANGibraltar has rejected a US legal
request to seize the Iranian tanker that
has been at the centre of a stand-off
between Iran and the west.The British overseas territory’s justice
ministry said yesterday that it was “una-
ble to seek” a court order to provide
the “restraining assistance required
by the US”.
The Grace 1 has been held in Gibraltar
since local police and British comman-
dos apprehended the vessel on July 4
because it was suspected to be shipping
2.1m barrels of Iranian light crude oil to
Syria in violation of EU sanctions.
The decision by the UK and Gibraltar
increased tensions between Iran and
the west. Concerns about maritime
security in the oil-rich Gulf were height-
ened last month after Iran seized a
British-flagged tanker, the Stena
Impero, in what was widely viewed as a
retaliatory act.
Gibraltar’s supreme court on Thurs-
day ruled that the vessel could be
released, citing assurances from Tehran
that it would not go to Syria. But the
Trump administration complicated the
situation by issuing a legal application to
Gibraltar seeking the “restraint” of the
Grace 1.
After Gibraltar’s justice ministry
rejected the US’s legal move, Washing-
ton on Friday sent additional informa-
tion claiming the supertanker and its
load were controlled by Iran’s Revolu-
tionary Guards, the elite military force.
The Trump administration desig-
nated the guards a terrorist organisation
in April as part of its “maximum pres-
sure” strategy against Iran. President
Donald Trump has imposed swingeing
sanctions on the Islamic republic and
has vowed to cut its oil exports to zero
since he unilaterally withdrew the US
from the nuclear deal Tehran signed
with world powers in 2015.
Gibraltar’s authorities said Washing-
ton’s request to seize the Grace 1 related
to the US’s punitive measures, but said
there were no “equivalent sanctions
against Iran in Gibraltar”.
The government said it had consid-
ered the US requests “with great care in
order to be able to assist the United
States in every way possible”. “EU law,
however, does not help in facilitating
Gibraltar in giving the US mutual legal
assistance,” it added in a statement.
The tanker, which has been renamed
and is now flying an Iranian flag,
remains in Gibraltar while a new crew is
dispatched to sail the vessel.
Hamid Baeidinejad, Iran’s ambassa-
dor to the UK, said on Twitter that the
ship was expected to leave Gibraltar
yesterday evening following “round-
the-clock work since Thursday”.
Iran still holds the Stena Impero and
its 23-man crew, which it seized in the
Strait of Hormuz, the vital Gulf water-
way through which about a third of the
world’s seaborne oil passes.
Some Iranian officials said the deci-
sion to detain the British-flagged vessel
was in retaliation for the impounding of
the Grace 1, which Tehran described as
an act of piracy. British officials ruled
out a “barter” for the two vessels and
said the Grace 1’s fate would be deter-
mined by Gibraltar’s courts.Central bank
China shifts toward market-driven loan rate
Reform aims to lower cost
of borrowing after record
level of company defaultsUS politics.Breakout moment
Presidential hopeful hits his stride in Democratic race
New Jersey senator Booker
turns heads with impassioned
rhetoric on gun control
Senator Cory
Booker, left,
pictured at the
Iowa State Fair
in Des Moines
earlier this
month, has been
winning over
voters with his
stump speech
Sergio Flores/Getty Images‘It didn’t
feelpackaged.
It felt like hehad given a
lot ofthought to
his wordsand his
policies’Syria sanctions
Gibraltar
rejects US
legal request
to seize
Iranian tanker
‘The People’s Bank will
probably remain involved
in loan pricing for now, tosafeguard the transition’
JA M E S P O L I T I A N D K I R A N STAC E Y
WASHINGTONThe Trump administration is poised to
offer a new reprieve for US companies
selling to Huawei, easing tensions with
Beijing after a rapid escalation in the
trade war between the countries this
month.According to people familiar with the
matter, the US commerce department
was preparing to extend a temporary
general licence for companies to do
business with Huawei for 90 days, with
an announcement due today. The final
details of the extension had not been
ironed out, however, so there could be
some changes to the announcement
that could make it fall short of a blanket
renewal. The commerce department
declined to comment.
The decision to allow more time for
transactions between Huawei and US
companies will probably be interpreted
as an olive branch from Washington to
Beijing, as they attempt to get trade
negotiations back on track after a testy
few weeks that rattled markets and
heightened concerns about a global eco-
nomic slowdown.Donald Trump, the US president,
early this month said he would slap a
new round of tariffs on Chinese imports
starting on September 1 and his Treas-
ury department formally labelled China
a currency manipulator, eliciting anger
and promises of retaliation on the Chi-
nese side. Meanwhile, the US adminis-
tration has approved an $8bn sale of
fighter jets to Taiwan, which risked fur-
ther irking Beijing.
Yet Mr Trump has shown signs of fret-
ting over the economic impact of the
trade war with China as he heads into
the 2020 re-election campaign. Last
week he said he would delay the
impending imposition of levies on a big
chunk of Chinese imports until Decem-
ber to shield the Christmas shopping
season from its effects. He also softened
his rhetoric towards China, saying he
would “soon” have a call with Xi Jinping,
the Chinese president, and he expected
the trade war to be “fairly short”.
The extension of the reprieve on Hua-
wei — first reported by Reuters — is a vic-
tory for the business community, which
has pushed hard for more flexibility
with regards to the Chinese company.
The Trump administration placedHuawei on an export blacklist run by
the commerce department in May,
after a key round of trade talks with
China broke off acrimoniously. US
officials have accused Huawei of being
a threat to national security, violating
US sanctions, and being a vehicle for
espionage.
But US technology companies, includ-
ing Google, whose Android operating
system is used by Huawei, quickly
moved to demand some leeway in deal-
ing with the ban, arguing that therewould otherwise be major disruptions
to their business, customers and even
US security.
Extending the licence is a middle road
between fully implementing the ban,
which China hawks in Washington are
arguing for, and allowing it to lapse
entirely. Mr Trump has suggested that
finding a solution to Huawei might be
part of any comprehensive deal with
China on trade.
“In many ways this kicks the can
down the road, this is not a long-term
solution,” said Samm Sacks, Cybersecu-
rity Policy and China digital economy
fellow at the New America think-tank.
“Many in Washington want to kill the
company. Others want to use it as lever-
age. You can’t have both,” she added.
Senior US and Chinese negotiators
are expected to hold face-to-face
talks in Washington in early September
in the hope that they yield a better
result than the previous one in Shanghai
last month, which led Mr Trump to
complain that Beijing wasn’t abiding
by its promises and move to impose
the new round of tariffs. There is no
firm schedule for next month’s negotia-
tions, however.Beijing tension
Trump set to extend reprieve for companies selling to Huawei
US business community has pushed
for flexibility with regards to HuaweiMAKE A SMART INVESTMENT
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