The People’s Bank of China Governor Yi Gang said the bank was focused on raising banks’ capital to increase their lending capacity. Photo: EPA-EFE

China cuts interest rate slightly in latest fine-tuning of economic stimulus

  • The People’s Bank of China cut its one-year and five-year Loan Prime Rate by 5 basis points on Wednesday, as expected
  • China’s central bank ordered state-owned banks to use the new rate to lower lending costs to help shore up the slowing economy
Topic |   China economy

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The People’s Bank of China Governor Yi Gang said the bank was focused on raising banks’ capital to increase their lending capacity. Photo: EPA-EFE
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Frank Tang

Frank Tang

Frank Tang joined the SCMP in 2016 after a decade of China economy coverage and government policy analysis.