China cuts short-term policy rate as recovery weakens

The People's Bank of China may be worried about potential shocks to the market, says an ANZ strategist. (Image: PBOC)

Wed, 14 Jun 2023

By Bloomberg NewsChina’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 lowered the seven-day reverse repurchase rate by 10 basis points to 1.9%, according to a statement on Tuesday. It was the first reduction in the rate since August 2022. Official data to be released on Thursday is expected to show the economy’s recovery lost further momentum in May, with manufacturing and investment weakening. C...

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