China’s central bank, the People’s Bank of China, has cut its one-year benchmark bank and one-year benchmark deposit rate by 25 basis points in an effort to jumpstart a slowing economy.
Earlier, Chinese stocks rose over 1% on Friday after President Xi Jinping indicated the economy will not suffer a hard landing.
PBoC cuts rates for sixth time since November
The People’s Bank of China said on its website that it was lowering its one-year lending rate by 25 bps to 4.35% effective October 24th, and...