China economy: LPR cut for the first time in 20 months
3 years ago

China economy: LPR cut for the first time in 20 months

CNN  

Hong Kong CNN Business — China’s central bank cutits main interest rate for the first time in 20 months, as authorities step up efforts to boost an economy that has been hit by pandemic-related curbs, a real estate slump and an unprecedented crackdown on private enterprises. “The cut reinforces our view that authorities are increasingly open to cutting interest rates amid looming economic headwinds,” said Zhaopeng Xing, senior China strategist at ANZ, in a research note on Monday. Monday’s LPR cut should reduce “the interest burden” by about 80 billion yuan per year, starting next year, for business and households, Xing from ANZ estimated. “There should be no doubt by now that a serious easing cycle is unfolding.” The world’s second biggest economy could grow at its slowest pace since 1990 next year, according to economists.

This Year Rate Cut Lpr Economy China  banks  cut  central  lpr  economic  economy  china  months  rate  interest  meeting  20  business

History of this topic

China's loan prime rates remain unchanged
5 days, 5 hours ago

China's loan prime rates remain unchanged

China Daily  

BEIJING -- China's one-year loan prime rate, a market-based benchmark lending rate, came in at 3.1 percent Friday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.6 percent, according to the National Interbank Funding Center. Analysts believe the lower lending rate will help relieve …

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats
1 week, 6 days ago

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats

CNN  

China pledged Thursday to increase the budget deficit, borrow more and loosen monetary policy to maintain stable economic growth as it girds for more trade tensions with the United States where Donald Trump is returning as president. A separate readout from state news agency Xinhua, watched by financial markets for references to the yuan currency, kept a pledge to “maintain …

China still has further room for RRR, interest rate cuts
2 weeks, 2 days ago

China still has further room for RRR, interest rate cuts

China Daily  

By Sheng Songcheng | China Daily | Updated: 2024-12-09 10:35 The People's Bank of China, the country's central bank, proposed in its third quarter monetary policy implementation report that a reasonable pickup in prices should be taken as a key consideration in monetary policymaking to keep prices at a reasonable level. And with the central bank maintaining its stance on …

China conducts 900-billion-yuan MLF operation to sustain banking liquidity
1 month ago

China conducts 900-billion-yuan MLF operation to sustain banking liquidity

China Daily  

Xinhua | Updated: 2024-11-25 15:30 Headquarters of the People's Bank of China, the central bank, is pictured in Beijing. BEIJING - China's central bank on Monday conducted a 900-billion-yuan medium-term lending facility operation to maintain reasonable and ample liquidity in the country's banking system. The MLF operation features a one-year maturity period and an interest rate of 2 percent, unchanged …

After $1.4 trillion package, China to cut homebuying taxes to revive ailing economy
1 month, 1 week ago

After $1.4 trillion package, China to cut homebuying taxes to revive ailing economy

Firstpost  

In the latest step to support ailing economy, China is expected to cut taxes for buying homes, according to Bloomberg In the latest step to support its ailing economy, China is expected to cut homebuying taxes, according to Bloomberg. The decision to cut homebuying taxes would come days after the announcement of a $1.4 trillion package to bail out local …

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited
1 month, 2 weeks ago

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited

Live Mint  

Yield for China's benchmark 10-year bonds have slid to their lowest in over a month after the government announced its 10 trillion yuan or $1.4 billion worth debt refinancing programme, Bloomberg reported. China's Debt Refinancing Programme — The Details The announcement was made after the National People’s Congress Standing Committee meeting on November 8, to “underwhelmed” reactions, as per the …

China's Central Bank Cuts Key Interest Rates to Boost Economy
2 months ago

China's Central Bank Cuts Key Interest Rates to Boost Economy

The Hindu  

China's central bank has cut two key interest rates to boost the economy. The one-year Loan Prime Rate (LPR) and five-year LPR were cut from 3.35% to 3.1% and 3.85 to 3.6% respectively. These cuts are aimed at reviving spending and boosting economic growth. However, the economy has been struggling with weak consumption and a prolonged debt crisis in the …

Xi Jinping pledges ‘forceful’ rate cuts to halt China’s economic crisis
2 months, 4 weeks ago

Xi Jinping pledges ‘forceful’ rate cuts to halt China’s economic crisis

The Telegraph  

Xi Jinping has called for the introduction of “forceful” interest rate cuts as the Chinese president battles to kickstart the stuttering economy. In a rare admission from China’s leadership, officials said the world’s second-largest economy was facing fresh turmoil as they vowed to inject greater levels of fiscal stimulus. It follows a series of measures laid out by the People’s …

Rate cuts set to boost market confidence
3 months ago

Rate cuts set to boost market confidence

China Daily  

China's top financial regulators, in a move that went beyond market expectations, unveiled a potent combination of monetary easing measures on Tuesday, aimed at anchoring market confidence and underpinning economic recovery amid domestic and global headwinds, analysts said. Pan Gongsheng, governor of the People's Bank of China, the nation's central bank, said at a news conference on Tuesday that the …

China's central bank cuts bank reserve rates, pledges other moves to help the economy
3 months ago

China's central bank cuts bank reserve rates, pledges other moves to help the economy

Hindustan Times  

The Chinese central bank announced Tuesday a slew of measures aimed at reviving the sluggish economy, mainly by tackling a downturn in the property sector. China's central bank cuts bank reserve rates, pledges other moves to help the economy People’s Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and …

PBOC hints at further cuts in the reserve requirement ratio
3 months, 2 weeks ago

PBOC hints at further cuts in the reserve requirement ratio

China Daily  

The financial district of Pudong New Area. China will intensify counter-cyclical monetary measures at the aggregate level, central bank officials said on Thursday, implying room for further reductions in the reserve requirement ratio. Zou Lan, head of the Monetary Policy Department of the People's Bank of China, the country's central bank, said that the current average RRR of financial institutions …

China may keep RMB stable if Fed cuts rates
3 months, 3 weeks ago

China may keep RMB stable if Fed cuts rates

China Daily  

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. With the United States appearing to be poised for interest rate cuts starting September, Chinese policymakers should strengthen monitoring of capital flows and prepare contingency plans against any potential sharp renminbi appreciation, analysts said. Stephen Jen, chief executive of British hedge fund …

Big banks cut deposit rates to strengthen sector stability
4 months, 4 weeks ago

Big banks cut deposit rates to strengthen sector stability

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. Several major Chinese commercial banks cut deposit rates on Thursday, signaling a new round of deposit rate cuts that could pave the way for further reductions in policy benchmarks of lending rates to bolster economic growth, market analysts said. The LPR reduction …

China cuts 1-year benchmark rate and doubles subsidies for EVs in its ‘cash for clunkers’ program
5 months ago

China cuts 1-year benchmark rate and doubles subsidies for EVs in its ‘cash for clunkers’ program

Associated Press  

BANGKOK — China ratcheted up its effort to reinvigorate its slowing economy Thursday by unexpectedly cutting a key policy rate and also doubling subsidies for electric vehicles bought to replace older cars. The People’s Bank of China said it cut its lending rate for one-year medium term policy loans by 20 basis points to 2.3%. Major state-run banks cut deposit …

China lowers MLF interest rate to reduce financing costs
5 months ago

China lowers MLF interest rate to reduce financing costs

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. BEIJING - China's central bank on Thursday lowered the medium-term lending facility interest rate to decrease the borrowing costs of the real economy. The People's Bank of China on Thursday also pumped 200 billion yuan into the market via the MLF, which will …

China lowers MLF interest rate to reduce financing costs
5 months ago

China lowers MLF interest rate to reduce financing costs

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. BEIJING - China's central bank on Thursday lowered the medium-term lending facility interest rate to decrease the borrowing costs of the real economy. The People's Bank of China on Thursday also pumped 200 billion yuan into the market via the MLF, which will …

Major Chinese banks cut deposit rates
5 months ago

Major Chinese banks cut deposit rates

China Daily  

China's six largest State-owned banks announced a reduction in deposit interest rates on Thursday by 20 basis points at most, the Beijing News reported. The three-month, six-month and one-year deposit rates were cut by 10 basis points to 1.05, 1.25 and 1.35 percent, respectively, according to the official deposit interest rates released by the Industrial and Commercial Bank of China, …

Major Chinese banks cut deposit rates
5 months ago

Major Chinese banks cut deposit rates

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. China's six largest State-owned banks announced a reduction in deposit interest rates on Thursday by 20 basis points at most, the Beijing News reported. The three-month, six-month and one-year deposit rates were cut by 10 basis points to 1.05, 1.25 and 1.35 …

China cuts to key rates to in a bid to support economy
5 months ago

China cuts to key rates to in a bid to support economy

The Hindu  

China surprised markets by lowering a key short-term policy rate and its benchmark lending rates on July 22, in an attempt to boost growth in the world's second-largest economy. The People's Bank of China said on July 22 it would cut the seven-day reverse repo rate to 1.7% from 1.8%, and would also improve the mechanism of open market operations. …

China cuts benchmark lending rate LPR
5 months ago

China cuts benchmark lending rate LPR

China Daily  

A pedestrian walks past the headquarters of the PBOC in Beijing. JIANG QIMING/CHINA NEWS SERVICE BEIJING -- China on Monday cut the market-based benchmark lending rate, in line with market expectations as authorities stepped up monetary support to shore up the economy. The one-year loan prime rate came in at 3.35 percent Monday, down from the previous reading of 3.45 …

China's loan prime rates remain unchanged
6 months ago

China's loan prime rates remain unchanged

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. BEIJING -- China's one-year loan prime rate, a market-based benchmark lending rate, came in at 3.45 percent Thursday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of …

China's financing activities remain steady
6 months, 1 week ago

China's financing activities remain steady

China Daily  

This undated file photo shows an exterior view of the People's Bank of China in Beijing, capital of China. China's financing activity remained lukewarm as the increment in aggregate social financing — the total amount of financing to the real economy — stood at 14.8 trillion yuan in the first five months of 2024, down by 2.52 trillion yuan compared …

China's commercial banks resilient against risks: regulator
6 months, 2 weeks ago

China's commercial banks resilient against risks: regulator

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. BEIJING - The balance of loan loss provisions of China's commercial banks came in at 6.9 trillion yuan at the end of the first quarter of this year, data from the country's financial regulator showed. The figure increased by 269.8 billion yuan from the end of the previous …

China shows signs of slowdown to aggregate social financing
8 months, 1 week ago

China shows signs of slowdown to aggregate social financing

China Daily  

A pedestrian walks past the headquarters of the PBOC in Beijing. JIANG QIMING/CHINA NEWS SERVICE China's financing activity showed signs of slowing down as the increment in aggregate social financing — the total amount of financing to the real economy — reached 12.93 trillion yuan in the first quarter of 2024, down by 1.61 trillion yuan compared with the same …

RRR cut buzz gathers steam
9 months ago

RRR cut buzz gathers steam

China Daily  

A pedestrian walks past the headquarters of the PBOC in Beijing. JIANG QIMING/CHINA NEWS SERVICE Lukewarm financing demand and the upcoming issuance of a large amount of treasury bonds may necessitate a cut in the reserve requirement ratio in the second quarter of the year as the external financial conditions are set to improve, experts said. Xuan's remarks reinforced expectations …

China leaves benchmark lending rates unchanged, as expected
9 months ago

China leaves benchmark lending rates unchanged, as expected

Hindustan Times  

China left benchmark lending rates unchanged at a monthly fixing on Wednesday, in line with market expectations, after the central bank kept a key policy rate steady last week amid some signs of improvement in the broad economy. While China's factory output and retail sales beat expectations in the January-February period, property investment in China fell 9% year-on-year in the …

China still holds scope to further cut RRR, says PBOC governor
9 months, 2 weeks ago

China still holds scope to further cut RRR, says PBOC governor

China Daily  

Pan Gongsheng, governor of the People's Bank of China, speaks at a news conference on economy for the second session of the 14th National People's Congress in Beijing, March 6, 2024. China still has the scope to further cut the reserve requirement ratio as intensified macroeconomic adjustments are needed to cope with complex and changing international and domestic situations, said …

Significant interest rate cuts, just what the market needs
10 months ago

Significant interest rate cuts, just what the market needs

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. China's central bank announced the largest cut to a benchmark mortgage rate in recent years on Tuesday, lowering the over-five-year loan prime rate by 25 basis points to 3.95 percent. In 2023, the central bank introduced a series of rate cuts, lowering …

China implements biggest LPR cut on record
10 months ago

China implements biggest LPR cut on record

China Daily  

By Zhou Lanxu| chinadaily.com.cn| Updated :2024-02-21 China implemented the biggest cut on record to a mortgage rate benchmark on Tuesday, indicating monetary policymakers' dedication to bolstering economic revival, with additional cuts to a key policy rate likely on the horizon, experts said. With Tuesday's cut underscoring policymakers' ramped-up efforts to address the housing market weakness and stabilize the broader economy, …

China cuts key interest rate in the latest move to boost its ailing property sector
10 months ago

China cuts key interest rate in the latest move to boost its ailing property sector

Associated Press  

BANGKOK — China’s central bank announced Tuesday that it cut its 5-year loan prime rate while leaving its 1-year rate unchanged in the latest move to ease pressures on the ailing property market. But coupled with efforts to provide increased credit support to developers, today’s cut should help to reduce pressure on the property sector somewhat,” Julian Evans-Pritchard of Capital …

China cuts mortgage reference rate more than expected to revive property market
10 months ago

China cuts mortgage reference rate more than expected to revive property market

Hindustan Times  

SHANGHAI/SINGAPORE, Feb 20 - China cut the benchmark reference rate for mortgages at a monthly fixing on Tuesday by more than expected, as authorities ramped up efforts to stimulate credit demand and revive the property market. China cut the benchmark reference rate for mortgages at a monthly fixing on Tuesday as authorities ramped up efforts to stimulate credit demand and …

China implements biggest LPR cut on record
10 months ago

China implements biggest LPR cut on record

China Daily  

China implemented the biggest cut on record to a mortgage rate benchmark on Tuesday, indicating monetary policymakers' dedication to bolstering economic revival, with additional cuts to a key policy rate likely on the horizon, experts said. With Tuesday's cut underscoring policymakers' ramped-up efforts to address the housing market weakness and stabilize the broader economy, experts said the PBOC may add …

LPR: China makes biggest-ever cut to key mortgage rate to support housing market
10 months ago

LPR: China makes biggest-ever cut to key mortgage rate to support housing market

CNN  

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — China’s central bank has cut its key mortgage reference rate by a record amount, as it ramps up efforts to stem a prolonged property crisis. The People’s Bank of …

China eases banks' reserve requirement to cement economic recovery
10 months, 4 weeks ago

China eases banks' reserve requirement to cement economic recovery

China Daily  

A cashier counts renminbi notes in a bank in Haian, Jiangsu province. BEIJING - China's central bank will lower the amount of reserve requirement that financial institutions have to set aside, amid efforts to support economic recovery and confidence. Reserve requirement ratio for financial institutions will be cut by 0.5 percentage points from Feb 5, which will provide 1 trillion …

China’s central bank eyes reserve ratio cut to boost lending
11 months, 2 weeks ago

China’s central bank eyes reserve ratio cut to boost lending

Live Mint  

Chinese authorities have indicated a possible cut in the reserve ratio which is the amount of money banks must set aside as reserves to propel lending, a report said. In an interview with state-run Xinhua News Agency, Zou Lan, head of the People’s Bank of China’s monetary policy department said that the PBOC may use open market operations, medium-term lending …

New deposit rate cuts herald cheaper loans
1 year ago

New deposit rate cuts herald cheaper loans

China Daily  

A visitor walks past the booth of Bank of China during an expo in Beijing. CHEN JUNMIN/FOR CHINA DAILY Reductions most substantial since 2016; may incentivize consumption China's biggest banks cut interest rates on deposits on Friday, which analysts said may have marked the biggest cut since 2016 and will likely help create room for benchmark lending rates to decline …

China’s big banks cut deposit rates as growth plateaus
1 year ago

China’s big banks cut deposit rates as growth plateaus

Live Mint  

China’s biggest banks are lowering the deposit rates offered to savers, a move that could pave the way for the central bank to make interest-rate cuts to spur economic growth. “Lower deposit rates should help alleviate pressures on banks’ net interest margins and lay the groundwork for the PBOC to cut its policy lending rates in January, which have been …

The $2 trillion interest bill that’s hitting governments
1 year, 1 month ago

The $2 trillion interest bill that’s hitting governments

Live Mint  

The world spent the past decade-plus taking advantage of rock-bottom interest rates to binge on debt. Governments are expected to spend a net $2 trillion paying interest on their debt this year as higher interest rates make borrowing more expensive, up more than 10% from 2022, according to an analysis of International Monetary Fund data by research consulting firm Teal …

Vantage | How developing countries came to owe a trillion dollars to China
1 year, 1 month ago

Vantage | How developing countries came to owe a trillion dollars to China

Firstpost  

China’s role as the world’s biggest debt collector is a matter of concern, not just for the nations burdened by its loans but also for China itself In recent years, China has emerged as a significant player in the global financial landscape, particularly in the developing world. Economists estimate that Chinese government loans to low-income countries typically have a 2 …

PBOC cuts rates to boost growth
1 year, 6 months ago

PBOC cuts rates to boost growth

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing. Move comes amid stepped-up efforts to consolidate recovery, hike confidence China's central bank cut its short-term lending rate, the first such move since August 2022, as the country stepped up measures to consolidate economic recovery and restore market confidence amid downward pressure, analysts said on Tuesday. …

PBOC cuts rates to boost growth
1 year, 6 months ago

PBOC cuts rates to boost growth

China Daily  

Move comes amid stepped-up efforts to consolidate recovery, hike confidence China's central bank cut its short-term lending rate, the first such move since August 2022, as the country stepped up measures to consolidate economic recovery and restore market confidence amid downward pressure, analysts said on Tuesday. Thanks to Tuesday's policy interest rate cut, the country's key benchmark lending rates for …

Dedollarisation: China's state-owned banks cut interest rates on dollar deposits to boost forex trade in yuan
1 year, 6 months ago

Dedollarisation: China's state-owned banks cut interest rates on dollar deposits to boost forex trade in yuan

Firstpost  

China is prepping its yuan to become the next dollar and the global reserve currency. In the latest salvo fired at the dollar, China has told its state-owned banks to substantially reduce interest on dollar deposits, a Reuters report said. In China, interest rates offered by the banks on dollar deposits of $50,000 and above have been capped at 4.3 …

RRR cut more reasonable than expected
1 year, 8 months ago

RRR cut more reasonable than expected

China Daily  

CAI MENG/CHINA DAILY With a liquidity injection of 559 billion yuan via one-year medium-term lending facility loans so far this year and the comments made by Yi Gang — governor of the People's Bank of China, the central bank — before the two sessions saying that "the current level of some key variables concerning monetary policy is appropriate", the market …

专家：央行降息将促进我国经济复苏
2 years, 4 months ago

专家：央行降息将促进我国经济复苏

China Daily  

日前我国一年期和五年期以上贷款市场报价利率（LPR）双双下调，专家指出，LPR下调一方面将有助于降低企业融资成本、提振市场主体信心，另一方面也有助于稳定房地产业、降低居民房贷负担，促进消费。 A resident in Guangzhou checks the model of a building before purchasing an apartment. The reduction in China's benchmark lending rates on Monday will boost the nation's economic recovery by spurring corporate and household spending and stabilizing the real estate sector, experts said. 中国民生银行首席经济学家温彬解读称：“此举将对降低实体经济融资成本、提振市场主体信心、促进信贷有效需求回升发挥积极作用。” The marked reduction in the over-five-year LPR will help the real estate sector stabilize by …

专家解读央行超预期降息的考量
2 years, 4 months ago

专家解读央行超预期降息的考量

China Daily  

中国人民银行开展4000亿元中期借贷便利（MLF）操作，20亿元7天公开市场逆回购操作，中标利率均下降10个基点，分别是2.75%和2%。本次央行降息超出市场预期。央行发布二季度货币政策执行报告，强化了对“不搞大水漫灌”的关注。市场预期流动性仍将保持宽松。央行在当前时点降息10个基点，笔者理解主要有以下三个原因。 A clerk counts cash at a bank in Haian, East China's Jiangsu province, in July. The People's Bank of China, the country's central bank, recently lowered the rate on 400 billion yuan of one-year medium-term lending facility loans to some financial institutions by 10 basis points to 2.75 percent. Therefore, we may interpret the exchange rate to be "adhering …

专家解读央行超预期降息的考量
2 years, 4 months ago

专家解读央行超预期降息的考量

China Daily  

中国人民银行开展4000亿元中期借贷便利（MLF）操作，20亿元7天公开市场逆回购操作，中标利率均下降10个基点，分别是2.75%和2%。本次央行降息超出市场预期。央行发布二季度货币政策执行报告，强化了对“不搞大水漫灌”的关注。市场预期流动性仍将保持宽松。央行在当前时点降息10个基点，笔者理解主要有以下三个原因。 A clerk counts cash at a bank in Haian, East China's Jiangsu province, in July. The People's Bank of China, the country's central bank, recently lowered the rate on 400 billion yuan of one-year medium-term lending facility loans to some financial institutions by 10 basis points to 2.75 percent. Therefore, we may interpret the exchange rate to be "adhering …

央行超预期下调政策利率，稳增长措施再加码
2 years, 4 months ago

央行超预期下调政策利率，稳增长措施再加码

China Daily  

Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China. 8月15日，人民银行开展4000亿元中期借贷便利（MLF）操作，中标利率下调10个基点至2.75％，7天期逆回购利率同步下调10个基点至2％，为尚需稳固的国内经济注入金融强心剂。面对尚不稳固的经济恢复基础，宏观政策仍以稳增长为主线，择机加码调控，积极对冲经济下行压力。 China's central bank delivered surprise interest rate cuts on Monday, suggesting that the country is still willing to lend more monetary support on the aggregate front in the coming months despite a potential rise in structural inflationary pressure, experts said. 专家表示，中国人民银行8月15日超预期下调政策利率，表明尽管结构性通胀压力可能上升，但在未来几个月货币政策将继续从总量上发力。 Thanks to Monday's …

央行超预期下调政策利率，稳增长措施再加码
2 years, 4 months ago

央行超预期下调政策利率，稳增长措施再加码

China Daily  

Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China. 8月15日，人民银行开展4000亿元中期借贷便利（MLF）操作，中标利率下调10个基点至2.75％，7天期逆回购利率同步下调10个基点至2％，为尚需稳固的国内经济注入金融强心剂。面对尚不稳固的经济恢复基础，宏观政策仍以稳增长为主线，择机加码调控，积极对冲经济下行压力。 China's central bank delivered surprise interest rate cuts on Monday, suggesting that the country is still willing to lend more monetary support on the aggregate front in the coming months despite a potential rise in structural inflationary pressure, experts said. 专家表示，中国人民银行8月15日超预期下调政策利率，表明尽管结构性通胀压力可能上升，但在未来几个月货币政策将继续从总量上发力。 Thanks to Monday's …

China unexpectedly cuts key rates as economic data disappoints
2 years, 4 months ago

China unexpectedly cuts key rates as economic data disappoints

The Hindu  

China's economy unexpectedly slowed in July, data showed on Monday, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis, while the central bank surprised markets with key lending rates cuts to revive demand. However, risks to growth abound as many Chinese cities, including manufacturing hubs and popular tourist spots, imposed lockdown measures in July after …

China cuts interest rate to shore up sagging economy
2 years, 4 months ago

China cuts interest rate to shore up sagging economy

Associated Press  

BEIJING — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power. The ruling party has effectively acknowledged it cannot hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. “More efforts …

Discover Related