PBoC cuts suite of key interest rates
Move follows weaker-than-expected Q2 growth and policy meeting by Communist party
The People’s Bank of China (PBoC) has unexpectedly cut key interest rates by 10 basis points.
The central bank today (July 22) cut the seven-day reverse repurchase (repo) rate from 1.8% to 1.7%. It said the cut in the short-term policy rate was aimed at further strengthening counter-cyclical adjustments and enhancing financial support for the real economy. It was the first cut in the rate since August 2023.
The PBOC also lowered the one-year loan prime rate (LPR) from 3.45% to 3.3% and the five
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