People’s Bank of China announces support measures including a cut in interest rates but some experts fear they may not be enough
China’s central bank has cut interest rates in an attempt to revive flagging economic growth and prevent scores of debt-laden property owners from going bust in its boldest intervention to boost the economy since the pandemic.
Adopting a suite of measures to reduce borrowing costs, the People’s Bank of China cut interest rates on existing mortgages by 0.5 percentage points and supported new lending by reducing the level of reserves banks must set aside before making loans.
About Author
More Stories
KFC plans to invest £1.5bn in UK and Ireland, creating thousands of jobs
Leading tax expert calls out ‘confected outrage’ of wealthy Australians over Labor’s $3m super plan
Shein turns to Hong Kong for flotation as London attempt stalls, reports say