2024 RT Amination Banner.gif

China Daily

News> Business> Content
Published: 13:01, August 15, 2022 | Updated: 18:00, August 15, 2022
PBOC cuts interest rates by 10bps
By Zhou Lanxu
Published:13:01, August 15, 2022 Updated:18:00, August 15, 2022 By Zhou Lanxu

This file photo dated Sept 28, 2018 shows the headquarters of the People's Bank of China, the central bank, in Beijing. (PHOTO / VCG)

The People's Bank of China, the country's central bank, cut key policy interest rates by 10 basis points on Monday, a move aimed at helping facilitate the country's economic recovery.

The PBOC conducted 400 billion yuan (US$59.2 billion) in medium-term lending facility operations on Monday at an interest rate of 2.75 percent, down from 2.85 percent a month earlier, the central bank said. The MLF interest rate is used as a policy benchmark for one-year interest rates.

The central bank said it also lowered the interest rate of seven-day reverse repos from 2.1 percent to 2 percent in its 2 billion yuan worth of reverse repo operations on Monday, fully satisfying financial institutions' needs.

ALSO READ: PBOC eyes tasks to keep economy on firm footing


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !