China’s central bank cut its short-term lending rate for the first time in four years on Monday, signalling the start of a new easing cycle as Beijing becomes increasingly concerned over slowing economic growth.
The People’s Bank of China said on Monday that it would lower the seven-day reverse repurchase rate from 2.55 per cent to 2.5 per cent.
Economists noted that the slight adjustment to the rate, which had not been lowered since 2015, was a sign that China’s policymakers had moved into a new easing cycle as the trade war with the US had begun to hurt businesses and lower the outlook for growth.
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