China’s central bank said it lowered interest rates on its standing lending facility (SLF) in April, catching up with similar reductions in other liquidity tools as part of Beijing’s efforts to support the coronavirus-hit economy, reported Reuters.
In the first-quarter monetary policy report published on Sunday, the People’s Bank of China (PBOC) said it had cut SLF rates by 30 basis points on April 10, bringing borrowing costs on overnight, seven-day and one-month loans to 3.05%, 3.2%, 3.55%, respectively.
In Sunday’s report, the PBOC said it will step up support for the economy, and dropped its long-standing vow to refrain from “flood-like” stimulus in a move that suggested authorities were prioritizing growth and job creation as China struggles with its worst slump in decades.
Premier Li Keqiang told a recent cabinet meeting that the government will aims to complete issuance of another RMB 1 trillion ($141 million) local government special bonds by end-May.
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