12/20/2021, 2:32 AM (Source: TeleTrader)
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PBoC cuts interest rates to 3.8%

The People's Bank of China (PBoC) announced on Monday it has decided to cut its one-year lending rate by five basis points to 3.8%.

It is the first time since March 2020 the institution has changed the rates' value. It previously kept it at 3.85% for 20 months to ease the recovery of the economy from the crisis the COVID-19 pandemic caused.

Meanwhile, the PBoC decided to keep the five-year loan prime unchanged at 4.65%.

Baha Breaking News (BBN) / JR