People’s Bank of China cuts RRRs and key rates
Bank starts to implement slew of stimulus measures
The People’s Bank of China has cut its main policy rate and its reserve requirement ratios (RRRs) for banks, as part of the economic stimulus package it unveiled earlier this week.
The central bank announced today (September 27) that it had lowered the seven-day reverse repurchase rate from 1.7% to 1.5%. The cut, it said, aimed to “further strengthen countercyclical adjustment of monetary policy and support stable growth”.
The PBoC lowered the 14-day reverse repo rate by 20 basis points to 1.65%
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