Central Bank of China expected to cut interest rates

The People’s Bank of China (PBOC) has cut its base interest rate on loans for one year (LPR) from 3.7% to 3.65% per annum. The rate on five-year loans was also lowered – from 4.45% to 4.3% per annum. Analysts expected LPR rate cuts, reports The Wall Street Journal.

Last week NBK lowered the yuan to the dollar to 6.8 yuan, which was the lowest since 2020. This decision was made due to outbreaks of coronavirus in a number of regions. The main indicators of the Chinese economy in July showed a slowdown in growth.

Details – in the material “Kommersant” “China is losing momentum”.