China’s central bank cuts standing lending facility rates

CHINA’S central bank said on Tuesday (Aug 15) it lowered rates on its standing lending facility (SLF), a type of loans that it lends to commercial banks to fulfill their temporary cash demand, by 10 basis points across all tenors.

The People’s Bank of China (PBOC) lowered the overnight SLF rate to 2.65 per cent, the seven-day rate to 2.80 per cent and the one-month rate to 3.15 per cent, according to an online statement.

Earlier in the session, the PBOC unexpectedly cut key policy rates for the second time in three months, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery. REUTERS