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China slashes rate, pumps US$7b into market to counter Covid-19 | Malay Mail

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BEIJING, March 30 — China’s central bank today cut an interest rate on loans to banks by the largest margin in five years and injected 50 billion yuan (RM30.6 billion) into the financial system to help the world’s second-largest economy weather the coronavirus impact. The People’s Bank of...

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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