China PBOC Cuts Key Policy Rate
China's central bank cut a key policy rate, in a highly-anticipated move, just one day after announcing a slew of monetary easing measures to boost lending amid mounting concerns that Beijing might miss its official annual growth target this year.
The People's Bank of China cut the borrowing cost of the 1-year medium-term lending facility to 2.0% from 2.3%, while also injecting 300 billion yuan worth of liquidity into the country's financial system.
Wednesday's move is no surprise and was well-telegraphed in advance by China's central bank governor Pan Gongsheng. In a press briefing on Tuesday, Pan said that the seven-day reverse repurchase rate--China's main policy rate--would be trimmed to 1.5% from 1.7%, to guide down the borrowing costs of PBOC's medium-term lending facility by 30 basis points.
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(END) Dow Jones Newswires
September 24, 2024 22:41 ET (02:41 GMT)
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