PBoC cuts to restore confidence
The People's Bank of China (PBoC) has cut its base lending rate and lowered the ratio of funds that banks must set aside as reserves in an effort to shore up confidence in the country's stock and real estate markets.
The move came as global financial markets faced turmoil in the wake of an unprecedented shake-up on Wall Street over the weekend and on Monday.
The PBoC said on Monday that it will lower its base lending rate by 0.27%, bringing its one-year lending rate to 7.20%. The announcement
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