China cuts interest rate of 7-day reverse repos

BEIJING - China's central bank on Friday cut the interest rate of seven-day reverse repos from 1.7 percent to 1.5 percent.

The move aims at intensifying counter-cyclical adjustment of the monetary policy and supporting the stable economic growth of the country, according to a statement of the People's Bank of China.

The interest rate of 14-day reverse repos and those of temporary repos and reverse repos will continue to be determined by the interest rate of seven-day reverse repos in the open market, and the range of adjustment will remain unchanged.