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The People's Bank of China is liberalizing its interest-rate system in another milestone in the landmark reforms started four decades ago to boost the role of markets in the economy. The overhaul might also help lower the cost of borrowing for companies and households in the short term, as the economy grapples with its own downward forces and the U.S.-China trade war.
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 The White House says the U.S. is winning the trade war with China, but Beijing is unlikely to sue for peace anytime soon, writes Peter Morici.
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