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China's central bank cuts one-week repo rate to 1.9%
The People's Bank of China on Tuesday cut a key short-term policy rate by 10 basis points, from 2% to 1.9%. That's as the bank deals with disappointing economic data after the Covid-19 reopening failed to gain momentum. This is the central bank's first such move since August and follows the nation's largest banks cutting deposit rates last week - signaling that further monetary easing could lie ahead. Following the decision, China's sovereign bonds rose in price. Chinese property stocks listed in Hong Kong also rose, with developer Logan Group jumping 4.5% and Country Garden, rising 1.19% on hopes of further stimulus and policy easing ahead.
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