The People's Bank of China, the country's central bank, cut key policy interest rates by 10 basis points on Monday, a move aimed at helping facilitate the country's economic recovery.The PBOC conducted 400 billion yuan ($59.2 billion) in medium-term lending facility operations on Monday at an interest rate of 2.75 percent, down from 2.85 percent a month earlier, the central bank said. The MLF interest rate is used as a policy benchmark for one-year interest rates.The central bank said it also lowered the interest rate of seven-day reverse repos from 2.1 percent to 2 percent in its 2 billion yuan worth of reverse repo operations on Monday, fully satisfying financial institutions' needs.The People's Bank of China, the country's central bank, cut key policy interest rates by 10 basis points on Monday, a move aimed at helping facilitate the country's economic recovery.The PBOC conducted 400 billion yuan ($59.2 billion) in medium-term lending facility operations on Monday at an interest rate of 2.75 percent, down from 2.85 percent a month earlier, the central bank said. The MLF interest rate is used as a policy benchmark for one-year interest rates.The central bank said it also lowered the interest rate of seven-day reverse repos from 2.1 percent to 2 percent in its 2 billion yuan worth of reverse repo operations on Monday, fully satisfying financial institutions' needs.
