China's central bank lowers short-term policy rate

BEIJING, July 22 (Xinhua) -- China's central bank on Monday lowered the interest rate on seven-day reverse repos from 1.8 percent to 1.7 percent.

The move aims to strengthen counter-cyclical adjustments to better support the real economy, the People's Bank of China said in an online statement.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding,