China's central bank lowers interest rate to support real economy

BEIJING, 22nd July, 2024 (WAM) -- China's central bank on Monday lowered the interest rate on seven-day reverse repos from 1.8 percent to 1.7 percent, Xinhua News Agency reported.

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