PBOC to slash funding costs for smaller firms and rural sectors from July 1 – China Press

The People’s Bank of China (PBOC) is said to cut its re-discount and re-lending rates starting July 1, the Securities Times reports, citing sources fa  |  30/06/2020 10:00

The People’s Bank of China (PBOC) is said to cut its re-discount and re-lending rates starting July 1, the Securities Times reports, citing sources familiar with the matter.

Additional details

“The re-discount and re-lending rates will be reduced by 25 bps.”

“PBOC to also cut the re-lending rate related to financial stability by 50 bps as of July 1.”

This comes in an added effort to further boost the economic activity, as the funding rate cuts will help support the smaller firms and rural sectors.

Market reaction

The Chinese proxy, the AUD, has shrugged-off the PBOC rate cut news. AUD/USD drops 0.28% to trade at 0.6845, having hit a daily low of 0.6833 amid risk-off mood.

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