China’s Central Bank cuts interest rates under Standing Liquidity Facility

The People’s Bank of China has cut interest rates on its Standing Liquidity Facility (SLF), which it provides loans to commercial banks to meet their temporary cash needs, by 10 basis points, Report informs referring to the bank's statement.

The rate on overnight loans will now be 2.65%, the rate on loans for seven days - 2.80%, and on one-month loans - 3.15%.

Earlier during the session, the People’s Bank of China unexpectedly lowered key interest rates for the second time in three months. This was another sign that the authorities are stepping up efforts to ease monetary policy to help the economy recover.