China’s central bank cut its key lending rate to a record low, with policymakers in Beijing seeking to boost liquidity in the country’s financial system as they attempt to mount an economic recovery from coronavirus-induced lockdown.
The People’s Bank of China cut its one-year medium-term lending facility rate by 0.2 percentage points to 2.95 per cent, the lowest level since its introduction in 2014.
The MLF rate is important because it not only injects liquidity into China’s interbank market, it also serves as a floor for the new lending benchmark introduced last year — the loan prime rate.
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