SHANGHAI: China’s central bank cut the interest rate on its medium-term lending facility today for the first time since early 2016, as policymakers work to prop up a slowing economy hit by weaker demand at home and abroad.
The PBOC’s decision to trim medium-term borrowing costs comes after it surprised markets by not issuing targeted medium-term loans in October, adding to uncertainty over how policymakers plan to stabilise the slowing economy. China’s economic growth slowed to a near 30-year low of 6.0% in the third quarter, weighed down by weak domestic and global demand and the prolonged Sino-US trade war.
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