PBoC cuts key rates as economy stutters

pboc building

The People’s Bank of China unexpectedly cut key policy rates for the second time in three months, as new economic data adds to concerns over China’s weak demand and worsening property crisis.

The PBoC reduced the rate on 401 billion yuan ($55.3 billion) of one-year medium-term lending facility (MLF) loans to financial institutions by 15 basis points to 2.5% today (August 15).

The central bank also injected 204 billion yuan through seven-day reverse repos at a reduced rate of 1.8%, down from 1

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