China’s central city on Tuesday cut its key short-term interest rate as it deals with disappointing economic data in the country after the Covid-19 reopening failed to gain momentum.
It reduced the seven-day reverse repo price by 10 basis points from 2% to 1 .9%, and injected RMB2 billion ($ 279.97 million) through seven-day repo agreements.
The repo agreement is a type of short-term borrowing rate.
This is the first step of its kind for the central bank since August, and comes after the country’s largest bank cut deposit interest rates last week, suggesting that more monetary easing awaits us.
The move comes ahead of a decision on the average lending facility rate from the People’s Bank of China, which is expected to be released on Thursday. Meanwhile, the loan’s base interest rate is scheduled to be issued on June 20.
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