China lowered the rate at which it lends to banks to support the economy deal with the fallout from the coronavirus. Photo: Reuters
China lowered the rate at which it lends to banks to support the economy deal with the fallout from the coronavirus. Photo: Reuters

Coronavirus: China slashes bank loan rate by biggest amount in five years, joining global easing

  • People’s Bank of China reduces 7-day reverse repo rate to 2.20 per cent from 2.40 per cent, the largest cut since 2015
  • Move comes as analysts expect China’s economy to contract in the first quarter for the first time since 1976

China lowered the rate at which it lends to banks to support the economy deal with the fallout from the coronavirus. Photo: Reuters
China lowered the rate at which it lends to banks to support the economy deal with the fallout from the coronavirus. Photo: Reuters
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