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China's Central Bank Cuts Key Rate as Economic Data Disappoint
Posted
August 15, 2023
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August 15, 2023
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4:43Now PlayingThe People's Bank of China has unexpectedly cut a key interest rate by the most since 2020. The central bank lowered the rate on its one-year loans — or medium-term lending facility — by 15 basis points to 2.5%. The seven-day reverse repurchase rate, a short-term policy rate, was cut by 10 basis points to 1.8%. The move came shortly before the release of July economic activity data including retail sales that showed a faltering recovery. Helen Qiao, chief Greater China economist at BofA Global Research, shares her take on "Bloomberg Markets: Asia."
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