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China’s Central Bank Likely to Cut Interest Rate for Second Time
China’s central bank is expected to cut its key policy interest rate for the second time this year on Friday and reduce the reserve requirement ratio within days to help bolster a faltering economy under strain from Covid lockdowns. Fifteen of the 20 economists surveyed by Bloomberg predict the People’s Bank of China will lower the interest rate on one-year policy loans -- 11 of them forecast a 10 basis-point reduction to 2.75% and four expect a 5-point drop. The rest see no change. The PBOC is also likely to reduce the RRR -- the amount of cash that banks must hold in reserve -- after the State Council, ... (full story)