The move should pave the way for a similar reduction to the country’s benchmark loan prime rate (LPR), which will be announced on Monday, to lower financing costs for companies hit by the pandemic. Photo: Reuters

Coronavirus: China cuts MLF borrowing costs to record low, stepping up pandemic battle

  • People’s Bank of China lowered the interest rate on its one-year medium-term lending facility (MLF) loans to financial institutions to 2.95 per cent
  • The move came on the same day the first phase of a targeted reserve requirement ratio (RRR) cut came into effect
Topic |   Coronavirus pandemic
The move should pave the way for a similar reduction to the country’s benchmark loan prime rate (LPR), which will be announced on Monday, to lower financing costs for companies hit by the pandemic. Photo: Reuters
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