FILE PHOTO: A woman walks past the headquarters of the People's Bank of China , the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
SHANGHAI - China’s central bank unexpectedly lowered the interest rates on reverse repurchase agreements by 10 basis points on Monday, as authorities stepped up measures to relieve pressure on the economy from a rapidly spreading virus outbreak. The People’s Bank of China said on its website that it was lowering the 7-day reverse repo rate CN7DRP=CFXS to 2.40% from 2.50%, and cutting the 14-day tenor CN14DRP=CFXS to 2.55% from 2.65% previously.
The cut came as Chinese financial markets reopened after an extended Lunar New Year holiday, when the death toll from the virus and number of infections had climbed sharply. On Monday, the PBOC also injected a total of 1.2 trillion yuan into money markets through reverse bond repurchase agreements. Markets had widely expected the liquidity move but most analysts thought rate cuts might follow later once the economic impact was more clear.Our Standards:
During the time of Lunar New Year, the Spring festival of China, a deadly outbreak of the coronavirus has emerged in the city of Wuhan. The question then arises,'What is the coronavirus? How dangerous is it?.' Facts Coronavirus Health Epidemic
This won't end well.
I have that same mask. stylish
what was unexpected in this ?
This is interesting
When is the kitchen sink coming?
FYI tarrifs won't effect this.
👍 👌
I love hsbc bank in China! The anti-Christ! The people are so nice!
If you have a single penny in China , you are a fool ! I mean really like a lunatic with a desire to humiliate themselves . Like someone who is allergic to peanuts and eats a whole jar of them !
Still down 9%,imagine what would have happened if they had not intervened.
Ya very 'unexpectedly' 😂 😂
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