https://www.cnbc.com/2024/09/24/chin...-rate-cut.html
China central bank releases slate of support measures amid a deepening economic slump
People's Bank of China Gov. Pan Gongsheng announced a flood of support measures in a rare press conference Tuesday amid a deepening economic slump.
Beijing will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio, or RRR, by 50 basis points in the near term, he said.
Pan also said the PBOC would cut the 7-day repo rate by 0.2 percentage points, and signaled that a 0.2-0.25% cut in the loan prime rate is possible
China's 10-year government bond yield hit a record low of 2% after Pan's opening remarks.
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