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Mar 30, 2020
12:41PM

China's central bank cut interest rate on loans to banks by largest margin in 5 years

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China's central bank yesterday cut an interest rate on loans to banks by the largest margin in five years and injected 50 billion yuans into the financial system to help the world's second-largest economy weather the coronavirus impact.
 
The People's Bank of China said, it launched a 50-billion-yuan reverse repurchase operation today and lowered the seven-day reverse repurchase rate from 2.40 per cent to 2.20 per cent. The latest move comes as governments and central banks around the world ease monetary policy and unveil titanic stimulus measures worth around five trillion US Dollars to counter the economic impact of the pandemic, which forecasters warn will cause a deep recession.
 
As COVID-19 ravages the global economy, analysts have cut growth forecasts for China, which was the first to see the effects from containment measures aimed at halting its spread.
 

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