China surprisingly cuts interest rates to boost its economy

The People’s Bank of China (PBOC) on Tuesday surprisingly cut the interest rate on its one-year bank loans by 15 basis points to 2.5%, the lowest since 2020, with the aim of strengthening the national economy. Affected by the real estate crisis and the fall in consumption.

It was the second cut by the company since June and the first under the mandate of new governor Ban Gongsheng, who took over from Yi Gang after his retirement. The central bank also cut short-term interest rates by ten basis points.

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