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Every cloud has a silver-lining. Facing more external shocks, China’s central bank announced sweeping plans on Wednesday to cut key interest rates in an effort to shore up embattled economic growth amid trade tensions between US and China.
China will cut the seven-day reverse repurchase rates by 10 basis points to 1.4% from 1.5%, the People’s Bank of China Governor Pan Gongsheng said at a press briefing.
The central bank will also lower the reserve requirement ratio, which determines the amount of cash banks must hold in reserves, by 50 basis points, unleashing additional liquidity of 1000 billion yuan ($ 138.6 billion) to the market.
The press conference took place after Beijing’s confirmation that Chinese Vice Premier He Lifeng will hold talks with U.S. Treasury Secretary Scott Bessent in Switzerland later this week to discuss tariff and trade matters, which is the latest sign that trade negotiations could begin between the two sides.
The full-blown trade war has entailed extreme volatility in global financial markets as well as has hit economy heavily. The trade talks will mark a turning point that it hopefully will brake the impasse between US and China.
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