SHANGHAI/SINGAPORE : China's central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, in a bid to restore market confidence and prop up a stalling post-pandemic recovery in the world's second-largest economy.
The People's Bank of China cut its seven-day reverse repo rate by 10 basis points to 1.90 per cent from 2.00 per cent on Tuesday, when it injected 2 billion yuan through the short-term bond instrument. "Commercial banks have already lowered deposit rates, and PBOC governor Yi Gang also mentioned strengthening counter-cyclical adjustment recently."
An interest rate cut in China could further widen the yield gap with the United States, even if the Fed pauses this month.The yuan eased to 7.1646 per dollar after the rate decision, the weakest since Nov. 29, 2022.
Source: News Formal (newsformal.com)
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