July 22, 2024 08:10 GMT
MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor
MNI (Singapore)
(MNI)Beijing
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The People’s Bank of China has cut the Standing Lending Facilities interest rate by 10 basis points, according to a statement on its website.
The central bank will reduce the overnight, 7-day, and 1-month SLF rates by 10bp to 2.55%, 2.70%, and 3.05%, respectively.
It is a further move by the PBOC to narrow its interest rate corridor, which currently ranges from the ceiling set by the SLF to the floor of 0.35% for the interest on excess reserves. (See MNI: PBOC Repos First Step To Narrower Rates Corridor-Advisors)
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