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3/30, 6:32 AM (Source: TeleTrader)
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PBOC cuts reverse repo rate by 20 bp

The People's Bank of China (PBOC) revealed in a statement on Monday it decided to cut its reverse repurchase rate by 20 basis points, in an attempt to ease the impact of the COVID-19 pandemic on the country's economy.

The central bank announced it will slash its 7-day reverse repo rate from 2.40% to 2.20%, marking the rate's biggest cut in nearly five years.

Earlier in March, the PBOC said it would keep its interest rates unchanged despite the outbreak taking a toll on the nation's economic activity.

Breaking the News / NL