The People’s Bank of China cuts short-term interest rates after nearly a year
July 22, 2024
The People’s Bank of China has cut its short-term policy rate for the first time in nearly a year, bolstering economic support after disappointing growth and setting a new course for interest rates. The seven-day rate was cut by 10 basis points to 1.7%, the PBOC said in a statement on Monday. The move is aimed at optimizing the open market operation mechanism and enhancing financial support to the economy, they added. Chinese banks followed suit about an hour later, cutting their main benchmark lending rates by 10 basis points each.