Published 2 years ago

China unexpectedly cuts 2 key rates, withdraws cash from banking system

Summary by Ground News

China's central bank unexpectedly cut key interest rates for the second time this year. The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points (bps) to 2.75%. The decision suggested Beijing is temporarily setting aside worries over high debt to act to head off a slump before Xi is expected to try to award himself a third five-year term as Communist Party leader at a meeting this fall.

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Times of India

China unexpectedly cuts key rates as economic data disappoints

The grim set of figures indicate the world's second-largest economy is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, prompting some economists to downgrade their projections. Industrial output grew 3.8% in July from a year earlier, according to the National Bureau of Statistics (NBS), below the 3.9% expansion in June and a 4.6% increase expected by analysts in a Reuters poll.

2 years ago·India

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The Hindu

China cuts interest rate to shore up sagging economy

China’s central bank has trimmed a key interest rate to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is believed to be trying to extend his hold on power

2 years ago·India

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Reuters

China unexpectedly cuts 2 key rates, withdraws cash from banking system

SHANGHAI - China's central bank unexpectedly cut key interest rates for the second time this year and withdrew some cash from banking system on Monday, in an attempt to revive credit demand to support the COVID-hit economy. The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan ($59.33 billion) worth of one-year medium-term lending facility (MLF) loans to

2 years ago·United Kingdom

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Associated Press News

China cuts interest rate to shore up sagging economy

BEIJING (AP) — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to

2 years ago·United States

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abc News

China cuts interest rate to shore up sagging economy

2 years ago·United States

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Irish Independent

China unexpectedly cuts key rates as economic data disappoints

China's central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing's zero-Covid policy and a property crisis.

2 years ago·Ireland

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