The People’s Bank of China is in discussion with commercial lenders on the possible move, the newspaper reported. If it happens, the cut would be the first since late 2015, intended to help improve banks’ profitability and encourage them to lend cheaper funding to businesses and households.
SHANGHAI: China's central bank unexpectedly lowered the interest rate on reverse repurchase agreements by 20 basis points on Monday, as authorities stepped up easing measures to relieve pressure on the economy that has been hit hard by the coronavirus epidemic.
The People's Bank of China (PBOC) said on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%.
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