China cuts key interest rates as growth weakens

People's Bank of China

China’s central bank unexpectedly cut its key interest rates by a modest 10 basis points today, bucking the global tightening trend as the country’s economy showed weaker-than-expected growth.

The People’s Bank of China lowered the rate on 400 billion yuan worth of one-year medium-term lending facility (MLF) loans by 10 basis points to 2.75%. With 600 billion yuan worth of MLF loans maturing today (August 15), the operation would result in a net withdrawal of 200 billion yuan from the banking

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