China Lowers Short-Term Policy Rate as Recovery Weakens

(Bloomberg) — China’s central bank unexpectedly cut its short-term policy interest rate, easing its monetary stance to help aid the economy’s recovery.

The People’s Bank of China (PBOC) lowered the seven-day reverse repurchase rate by 10 basis points to 1.9%, according to a statement Tuesday. It was the first reduction in the rate since August 2022.