China cuts short-term borrowing costs

09/27/2024

Less than a minute

2024.09.27 09:30

BEIJING (Reuters) -China’s central bank said late on Friday it lowered borrowing costs of the standing lending facility (SLF) by 20 basis points across all tenors.

© Reuters. FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

SLF is a type of loan that the central bank offers to commercial banks to fulfill their temporary cash demand.

According to the People’s Bank of China, the overnight rate was cut to 2.35%, and the seven-day and one-month rates were lowered to 2.50% and 2.85%, respectively.

09/27/2024

Less than a minute

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