Tokyo | China’s central bank cut its key interest rate on Monday, strengthening its rate for the economy after disappointing data on expansion and a radical new economic strategy that did not come with a broad stimulus program.
The People’s Bank of China cut the seven-day repo rate, a key short-term policy rate, through 10 core issues to 1. 7 percent. The move prompted Chinese banks to stick to demand by cutting their key benchmark rates through 10 core issues. in an attempt to incentivize corporations and other borrowers to borrow to stimulate investment.
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