China’s central bank cuts 2 more key benchmark interest rates

ANKARA

The People’s Bank of China cut two more key lending rates on Tuesday for the first time in 10 months.

The one-year and five-year loan prime rates were slashed by 10 basis points each to 3.55% and 4.20%, respectively.

The move followed two monetary easing moves last week as the post-COVID recovery lost momentum. The bank had lowered its one-year medium-term lending rate, and also reduced its seven-day reverse repurchase rate.