China’s PBOC Surprised by Countering Western Central Banks while Cutting Interest Rates
China lowered a key interest rate for the first time since the peak of the pandemic in 2020 as a property-market slump and repeated virus outbreaks dampened the nation’s growth outlook. Bonds rallied.
China lowered a key interest rate for the first time since the peak of the pandemic in 2020 as a property-market slump and repeated virus outbreaks dampened the nation’s growth outlook. Bonds rallied.
The People’s Bank of China (PBOC) decided to cut the rate on its one-year policy loans by 10 basis points to 2.85%, making it the first such move since April 2020. It also cut the rate on the seven-day reverse repurchase rate (REPO) and injected net 200 billion yuan ($31.5 billion) of medium-term cash into the country’s financial system.
Although overnight funding costs are still close to three-month high, the above mentioned PBOC’s net injection of 200 billion yuan into medium-term loans means it is more concerned about China’s economy growth than the globally rising inflation.
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