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China lowers benchmark lending rates, 1-year LPR cut to 3.35%
Jul 22, 2024
Insights
- China has lowered its benchmark lending rates, with the one-year LPR reduced to 3.35 per cent and the over-five-year LPR cut to 3.85 per cent.
- The People's Bank of China (PBOC) also decreased the seven-day reverse repo rate to 1.7 per cent, conducting 58.2 billion yuan (~$8.16 billion) of reverse repos at this rate, to support the real economy.