China central bank unexpectedly cuts reverse repo rates to help economy as virus spreads

  • 📰 Reuters
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 97%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

China's central bank unexpectedly lowered the interest rates on reverse rep...

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:

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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' 😂 😂

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian shares set for rough ride on virus fears, China in focusAsian markets are set for another bumpy ride on Monday on fears about the hit to... Nuk this CoronavirusOutbreak ....
Source: Reuters - 🏆 2. / 97 Read more »