China unexpectedly cuts key short-term policy rate
The People’s Bank of China on Tuesday unexpectedly cut a key short-term policy rate for the first time in 10 months in order to help a struggling post-COVID recovery, Azernews reports, citing Anadolu Agency.
The 7-day reverse repurchase rate was lowered by 10 basis points from 2% to 1.9%, the central bank said in a statement.
The move came ahead of the bank's medium-term lending facility interest rate – one-year loan prime rate (LPR) – decision on Thursday.
The Chinese yuan weakened to 7.1618 per US dollar following the announcement.
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