China announces 10bp cut in short-term interest rate
Decision comes days after central bank left benchmark rates unchanged
China’s central bank cut its short-term interest rate by 10 basis points today (September 23), days after holding its benchmark rates.
The People’s Bank of China (PBoC) injected 74.5 billion yuan ($10.6 billion) of liquidity into the banking system via 14-day reverse repurchase operations at a rate of 1.85%. The rate was down from the 1.95% the bank had used for its previous operations. It had last cut the short-term rate, from 2.05%, in September 2023.
The PBoC also added 160.1 billion yuan into
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