Loading...
Market
Story
China's Central Bank Cuts Key Rates by 10 Basis Points to 1.70%, 3.35%, and 3.85% to Support Economy
Jul 22, 2024, 01:38 AM
China's central bank, the People's Bank of China (PBOC), announced a series of rate cuts on Monday to bolster the economy. The PBOC lowered the interest rate on seven-day reverse repurchase agreements from 1.8% to 1.7%, marking the first such reduction since August 2023. Additionally, the one-year loan prime rate (LPR) was reduced by 10 basis points to 3.35%, below the expected 3.45%, and the five-year LPR was similarly cut to 3.85%, below the expected 3.95%. These measures are part of a broader effort to strengthen counter-cyclical adjustments and support the real economy. The PBOC also injected 58.2 billion yuan through seven-day reverse repos. The rate cuts came as a surprise to the market, indicating the central bank's commitment to stimulating growth in the world's second-largest economy.
View original story
Similar markets
Below 1.50% • 25%
1.50% • 25%
Above 1.50% and below 1.75% • 25%
1.75% or above • 25%
Increase • 25%
Decrease • 25%
No change • 25%
Other • 25%
Below 4% • 25%
Between 4% and 4.5% • 25%
Between 4.5% and 5% • 25%
Above 5% • 25%
Below 4% • 25%
4% to 4.25% • 25%
4.25% to 4.5% • 25%
Above 4.5% • 25%
Below 3.0% • 25%
3.0% - 3.5% • 25%
3.5% - 4.0% • 25%
Above 4.0% • 25%
Below 4% • 25%
4% to 4.5% • 25%
4.5% to 5% • 25%
Above 5% • 25%
21% or lower • 25%
21.5% to 22% • 25%
22.5% to 23% • 25%
Above 23% • 25%
3.5% • 25%
Above 3.5% • 25%
Below 3.5% • 25%
3.0% • 25%