The People’s Bank of China (PBOC), China’s central bank, has decided to cut rates for its standing lending facility (SLF) effective as of November 20, as a signal that it is still aiming to make it easier for banks to borrow and lend.
Accordingly, the central bank has cut the overnight lending rate on its standard lending facility to banks to 2.75 percent from the current 4.5 percent, while it has lowered the seven-day bank-loan rate to 3.25 percent from the current rate of 5.5 percent.