China Cuts Policy Interest Rate for First Time Since April 2020

(Bloomberg) — China lowered a key interest rate for the first time since the peak of the pandemic in 2020 as a property market slump and repeated virus outbreaks dampened the nation’s growth outlook.

The People’s Bank of China (PBOC) cut the rate on its one-year policy loans by 10 basis points to 2.85%. That’s the first reduction since April 2020. It also slashed the rate on the seven-day reverse repurchase agreements by the same magnitude to 2.1%.