PBOC CUTS 10 BPS TO THE 1-YEAR AND 5-YEAR LOAN PRIME RATE
The People's Bank of China (PBoC) announced on Monday that it cut the one-year Loan Prime Rate (LPR) by 10 basis points (bps) from 3.45% to 3.35% and cut the five-year LPR from 3.95% to 3.85%.
Furthermore, the PBoC announced to cut its interest rate for the 7-day reverse report to 1.7% from 1.8%. The rate cut will be effective immediately on Monday. Additionally, the Chinese central bank also eased medium-term lending facility (MLF) requirements.
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