Biggest Interest Rate Cut from China in the Last 5 Years

Biggest Interest Rate Cut from China in the Last 5 Years

The Bank of China (PBOC) made the biggest interest rate cut in the last 5 years while increasing the steps taken to reduce the negative impact of the coronavirus on the economy. Ma Jun, one of the central bank advisors, told the state media that he has the flexibility to make changes in the monetary policy of China, and said that the companies that started their activities in China again, the global coronavirus epidemic and the bad effects in the economy around the world were taken into account. The note, published by Capital Economics, said that "in order for the economy to return to its pre-virus state, more relaxation will be needed, especially in the financial field." In the country where the coronavirus epidemic originated, China started to lose its power. In February, the virus had reached its maximum level. Currently, the total number of cases in the country was 81,470, while 3,304 people died.