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The Central Bank of China unexpectedly lowered the rate


Août, 15 2023
watermark Economic news

China's central bank on Tuesday unexpectedly cut a number of interest rates for the second time in three months. Thus, the country's authorities are trying to support the slowing economic growth – with the help of additional measures to ease monetary policy.


The NBK reduced the interest rate on loans for a period of one year in the amount of 401 billion yuan ($55.25 billion) under the medium-term lending program (MLF) for some financial institutions by 15 basis points – to 2.50% from 2.65% earlier.


Such a move by the Chinese regulator came as a surprise to analysts and market participants. According to a Reuters poll, 20 participants, or 77%, predicted that the Central Bank would leave the MLF rate unchanged. And only six respondents predicted a slight reduction in the rate.


The Central bank of China also injected 204 billion yuan through seven-day reverse repos, while reducing the cost of borrowing by 10 bps – to 1.80% from 1.90% earlier.


According to analysts, this move opens the door for a reduction in the key interest rate on loans to first-class borrowers (LPR) next week.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.