Register now for FREE unlimited access to Reuters.com
Register
SHANGHAI, Aug 15 (Reuters) – 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 some financial institutions by 10 basis points (bps) to 2.75%, from 2.85% previously.
In a poll of 32 market watchers conducted last week, all respondents forecast the MLF rate would be kept steady, while 29 predicted there would be a partial rollover. read more
Register now for FREE unlimited access to Reuters.com
Register
With 600 billion yuan worth of MLF loans maturing on Monday, the operation resulted a net 200 billion yuan fresh fund withdrawal from the banking system.
The central bank also injected 2 billion yuan through seven-day reverse repos while cutting the borrowing cost by the same margin of 10 bps to 2.0% from 2.1% previously, according to an online statement.
The PBOC lowered both rates by 10 bps in January.
($1 = 6.7425 Chinese yuan renminbi)
Register now for FREE unlimited access to Reuters.com
Register
Reporting by Winni Zhou and Brenda Goh; Editing by Kim Coghill
Our Standards: The Thomson Reuters Trust Principles.
China unexpectedly cuts 2 key rates, withdraws cash from banking system & Latest News Update
China unexpectedly cuts 2 key rates, withdraws cash from banking system & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
China unexpectedly cuts 2 key rates, withdraws cash from banking system & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links