The Chinese central bank cuts interest rates

China’s central bank cut interest rates on Monday, a move that could provide further support to the slowing economy.

The People’s Bank of China said it has cut interest rates by 10 basis points on both one-year medium-term credit facilities and seven-day reverse repurchase agreements, while injecting liquidity through the two instruments.

The one-year MLF rate was cut to 2.75% and the seven-day reverse repo rate to 2.0%, the PBOC said.

Monday’s cuts could result in a cut in China’s key lending rate — the Loan Prime Rate — later this month as its prices are based on MLF rates.

The central bank also injected 400 billion yuan ($59.3 billion) of liquidity via the one-year MLF and CNY 2 billion via seven-day reverse repos on Monday. The Chinese central bank cuts interest rates

Brian Lowry

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