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[size=36]China cuts medium term loan interest by 10 basis points to support the economy[/size]
Economy | 10:27 - 17/02/2020
Follow-up - Mawazine News
China's central bank cut interest rates on its medium-term loans on Monday as policymakers attempted to absorb the economic shock caused by a coronary virus outbreak that severely disrupts corporate activities.
The People's Bank of China said it had decided to cut the interest on 200 billion yuan (28.65 billion dollars) in loans from one-year medium-term facilities provided to financial institutions by 10 basis points to 3.15 percent instead of 3.25 percent.
Earlier this month, the central bank unexpectedly cut interest rates on reverse repurchase agreements by ten basis points as the outbreak accelerated.The People's Bank of China said it had decided to cut the interest on 200 billion yuan (28.65 billion dollars) in loans from one-year medium-term facilities provided to financial institutions by 10 basis points to 3.15 percent instead of 3.25 percent.
It is expected to pave the way on Monday for a cut in the country's benchmark interest rate, which is slated to be announced on Thursday.
The People's Bank of China said in its statement that it pumped 100 billion yuan of reverse repurchase agreements to financial institutions on Monday, coinciding with the deadline for agreements totaling one trillion yuan. Ended 29 / r
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