The People’s Bank of China (PBOC) said it was lowering the rate on 200 billion yuan (US$28.6 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions by 10 basis points to 3.15 per cent from 3.25 per cent previously. Photo: Reuters

China cuts medium term loan rate to support coronavirus-hit economy

  • The People’s Bank of China offered 200 billion yuan (US$28.6 billion) of one-year medium-term loans on Monday, lowering the rate by 10 basis points to 3.15 per cent
  • Last week, China vowed it would meet its 2020 economic targets and allowed local governments to issue more debt in the near term to aid growth
Topic |   Coronavirus pandemic
The People’s Bank of China (PBOC) said it was lowering the rate on 200 billion yuan (US$28.6 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions by 10 basis points to 3.15 per cent from 3.25 per cent previously. Photo: Reuters
READ FULL ARTICLE