China’s Central Bank Lowers Borrowing Costs

BEIJING (Reuters) – China’s central bank announced on Friday that it reduced the borrowing costs of the Standing Lending Facility (SLF) by 20 basis points across all tenors.

The SLF is a type of loan provided by the central bank to commercial banks to meet their temporary cash needs.

According to the People’s Bank of China, the overnight rate has been cut to 2.35%, while the seven-day and one-month rates have been lowered to 2.50% and 2.85%, respectively.