Economic Buzz: China Cuts Interest Rate First Time Since January

16 Aug 2022 , 01:07 PM

In an attempt to provide impetus to the slowing economic growth, Chinas central bank cut interest rates unexpectedly as official data revealed weaker-than-expected industrial production and retail sales growth amid falling property investment. In a surprise move, the Peoples Bank of China reduced its key policy rate for the first time since January. The bank reduced the one-year medium-term lending facility by 10 basis points to 2.75 percent. The seven-day reverse repo rate was lowered to 2.0 percent from 2.10 percent. The central bank injected CNY 400 billion through one-year MLF and CNY 2 billion via seven-day reverse operations. Powered by Commodity Insights