China cuts key interest rate by 0.10% to boost economy

The People’s Bank of China (PBOC) decided to cut the policy rate today, to support the economy.

The PBOC lowered its one-year medium-term loan (MLF) interest rate, China’s policy rate, by 0.10% to 2.75%.

The one-year MLF interest rate is the interest on loans granted to certain financial institutions for 100 billion yuan ($14.8 billion).

The PBOC also lowered the seven-day reverse repurchase rate by 0.10% to 2.0% and injected 400 billion yuan worth of liquidity into China’s financial system today.

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