The People’s Bank of China said it launched a 50-billion-yuan reverse repurchase operation today and lowered the seven-day reverse repurchase rate from 2.40 per cent to 2.20 per cent. — Reuters pic
It was the “largest cut since 2015 and takes the 7-day reverse repo rate to its lowest on record”, said Julian Evans-Pritchard, senior China economist at Capital Economics. The latest move comes as governments and central banks around the world ease monetary policy and unveil titanic stimulus measures worth around US$5 trillion to counter the economic impact of the pandemic, which forecasters warn will cause a deep recession.
Effective loan rates should also be guided down, “maintaining reasonable and sufficient liquidity”, officials added.
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