New worries: The People’s Bank of China building in Beijing. The country’s consumer-driven recovery is showing more signs of losing momentum as spending slows on everything from holiday travel to cars and homes. — Bloomberg
Beijing: China’s central bank unexpectedly reduced a key interest rate by the most since 2020 to bolster an economy that’s facing fresh risks from a worsening property slump. The yuan and bond yields slumped.
The People’s Bank of China (PBoC) lowered the rate on its one-year loans – or medium-term lending facility (MLF) – by 15 basis points to 2.5% yesterday.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
