China today said it is opposed to the US &quot;finger pointing&quot; at Pakistan and linking it with terrorism, insisting that the responsibility of cracking down on terror outfits cannot be placed on a particular country.

China&#39;s support for its all-weather ally came as the US stepped up its efforts to pressure Pakistan to eliminate terror safe havens on its soil.

The US last week suspended approximately $2 billion in security assistance to Pakistan for its failure to take decisive action against terror groups like the Taliban and the Haqqani Network.

&quot;China always opposed linking terrorism with any certain country and we don&#39;t agree to place the responsibility of anti-terrorism on a certain country,&quot; Chinese Foreign Ministry spokesman Lu Kang told a media briefing.

He was responding to a question on a White House official&#39;s remarks that China could play a helpful role in convincing Pakistan that it was in its national interest to crack down on terror safe havens.

&quot;We have stressed many times that Pakistan has made important sacrifices and contributions to the global anti-terrorism cause,&quot; Lu said.

&quot;Countries should strengthen anti-terrorism cooperation on the basis of mutual respect instead of finger pointing at each other. This is not conducive to the global terrorism efforts,&quot; he said.

China has been vocal in extending support to Pakistan since US President Donald Trump increased rhetoric against Islamabad providing safe havens for terrorists.

Trump in a New Year&#39;s Day tweet accused the country of giving nothing to the US but &quot;lies and deceit&quot; and providing &quot;safe haven&quot; to terrorists in return for USD 33 billion aid over the last 15 years.

Chinese media has been speculating that Trump&#39;s efforts to step up pressure on Pakistan may move it closer to Islamabad as Beijing is involved in a number of projects in the country under the&nbsp; $50 billion China Pakistan Economic Corridor (CPEC).

The Chinese official media is highlighting reports that Pakistan may allow China to build a&nbsp;military base at Jiwani located close to Iran?s Chabahar port, which is being jointly developed by India, Iran and Afghanistan. Jiwani is also close to the strategic Gwadar port in Balochistan which is being developed by China.

While defending Pakistan, Lu said China at the same time backed international counter-terrorism efforts.

&quot;First and foremost, I would like to say that terrorism is the common enemy of the international community. Cracking down of terrorism calls for the joint efforts from the international community,&quot; he said.

&quot;Actually, China is defending countries that have been making anti-terrorism efforts in a just and fair way. China also welcomes all the global joint efforts in terms of counter-terrorism on the basis of mutual trust and mutual respect,&quot; he said. PTI

The US last week suspended approximately $2 billion in security assistance to Pakistan

China today said it is opposed to the US "finger pointing" at Pakistan and linking it with terrorism, insisting that the responsibility of cracking down on terror outfits cannot be placed on a particular country. China's support for its all-weather ally came as the US stepped up its efforts to pressure Pakistan to eliminate terror safe havens on its soil. The US last week suspended approximately $2 billion in security assistance to Pakistan for its failure to take decisive action against terror groups like the Taliban and the Haqqani Network. "China always opposed linking terrorism with any certain country and we don't agree to place the responsibility of anti-terrorism on a certain country," Chinese Foreign Ministry spokesman Lu Kang told a media briefing. He was responding to a question on a White House official's remarks that China could play a helpful role in convincing Pakistan that it was in its national interest to crack down on terror safe havens. "We have stressed many times that Pakistan has made important sacrifices and contributions to the global anti-terrorism cause," Lu said. "Countries should strengthen anti-terrorism cooperation on the basis of mutual respect instead of finger pointing at each other. This is not conducive to the global terrorism efforts," he said. China has been vocal in extending support to Pakistan since US President Donald Trump increased rhetoric against Islamabad providing safe havens for terrorists. Trump in a New Year's Day tweet accused the country of giving nothing to the US but "lies and deceit" and providing "safe haven" to terrorists in return for USD 33 billion aid over the last 15 years. Chinese media has been speculating that Trump's efforts to step up pressure on Pakistan may move it closer to Islamabad as Beijing is involved in a number of projects in the country under the $50 billion China Pakistan Economic Corridor (CPEC). The Chinese official media is highlighting reports that Pakistan may allow China to build a military base at Jiwani located close to Iran?s Chabahar port, which is being jointly developed by India, Iran and Afghanistan. Jiwani is also close to the strategic Gwadar port in Balochistan which is being developed by China. While defending Pakistan, Lu said China at the same time backed international counter-terrorism efforts. "First and foremost, I would like to say that terrorism is the common enemy of the international community. Cracking down of terrorism calls for the joint efforts from the international community," he said. "Actually, China is defending countries that have been making anti-terrorism efforts in a just and fair way. China also welcomes all the global joint efforts in terms of counter-terrorism on the basis of mutual trust and mutual respect," he said. PTI

Opposed to US 'finger pointing' at Pakistan on terror-related issues: China

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will&nbsp;buy 60 billion pounds of government debt to ease the blow from Britain&#39;s June 23 vote to leave the European Union.

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year,&nbsp;and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations.

But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates.

Most MPC members also expected to cut Bank Rate again this year to a rate &quot;close to, but a little above zero&quot;, if the economy performed as poorly as forecast

&quot;Following the United Kingdom&#39;s vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly,&quot; the central bank said in its quarterly Inflation Report.

Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support.

But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012.

Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth.

Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain&#39;s economic slowdown.

While many business surveys show Britain&#39;s economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output.

The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May.

But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent.

The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit.

The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds.

The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero.

Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate.

The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending.

The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds.

New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS.

&quot;Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence,&quot; Hammond said in a letter to the central bank.

&quot;The government will set out its fiscal plans at the Autumn Statement in the normal way.&quot; released alongside its quarterly economic forecasts.

(Reuters)

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year, and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations. But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates. Most MPC members also expected to cut Bank Rate again this year to a rate "close to, but a little above zero", if the economy performed as poorly as forecast "Following the United Kingdom's vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly," the central bank said in its quarterly Inflation Report. Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support. But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012. Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth. Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain's economic slowdown. While many business surveys show Britain's economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output. The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May. But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent. The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit. The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds. The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero. Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate. The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending. The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds. New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS. "Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence," Hammond said in a letter to the central bank. "The government will set out its fiscal plans at the Autumn Statement in the normal way." released alongside its quarterly economic forecasts. (Reuters)

Bank of England cuts rates for first time since 2009, restarts bond purchases

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