24/09/2024 10:20 (UTC)

China announces economic boost with interest rate cuts

Beijing, Sep 24 (EFE).- China's central bank will cut the interest rate on seven-day reverse repurchase agreements from 1.7 percent to 1.5 percent.

The aim is to stimulate credit and investment in the economy.

People's Bank of China governor Pan Gongsheng also announced plans to cut the reserve requirement ratio by 0.5 percentage points. This will free up about 1 trillion yuan (about 127.83 billion euros) for new lending. (Camera: HAO WU).

FOOTAGE SHOWS PEOPLE WALKING IN THE CITY OF BEIJING, CHINA.

Metadata

Date: 24/09/2024 10:17 (UTC)
Credit: EFE
Source: EPA
Topic: Economy, business and finance
Type: Rough cut
Duration: 134 seconds
Reference: 7001400550
Relevance: Normal