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, with an agreement to sell them back in the future.