China Announces Another Rate Cut as Growth Slowdown Worsens [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Most Read from Bloomberg The People's Bank of China on Monday lowered the 14-day reverse repurchase rate to 1.85% from 1.95% previously. The central bank also injected 74.5 billion yuan ($10.6 billion) of liquidity into the banking system via the tool, it said in a statement. The move came ahead of the National Day Holiday that will last seven days from Oct 1. The PBOC typically offers 14-day loans ahead of long break. The last time it provided the lending was in February ahead of the week-long Lunar New Year break. The cut reflects a catch-up with a 10-basis-point cut in the seven-day reverse repo rate in July, said Frances Cheung, head of foreign-exchange and rates strategy at Oversea-Chinese Banking Corp. “The market will not get overly excited about it,” she added. --With assistance from Wenjin Lv. (Updates with details) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P. Recommended Stories
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