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
Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax
Xi Jinping tells Alibaba’s Jack Ma and Chinese tech chiefs to ‘show their talent’
Apple announces $500bn in US investments over next four years