China cuts interest rates on standing lending facility

Askar Yakubov · 21:18, 13.06.2023 · Updated 22:17 · 993 views

BEIJING, June 13 (Xinhua) -- China’s central bank lowered the interest rates on its standing lending facility (SLF) on Tuesday.

The overnight rate was cut by 10 basis points to 2.75 percent. The seven-day and the one-month rates were each lowered by 10 basis points to 2.9 percent and 3.25 percent, respectively, according to the People’s Bank of China.

The SLF interest rates came into effect on 13 June.

The SLF, introduced by the central bank early in 2013, serves as a channel to meet the liquidity needs of financial institutions. These institutions can take out SLF loans from the central bank using qualified bonds and other credit assets as collateral.

Askar Yakubov

Askar Yakubov is a professional photojournalist with extensive experience in news and reportage photography. He specializes in fast-paced coverage of social, political, cultural, international, business, and community events, with a sharp eye for capturing expressive shots and conveying the atmosphere of an event under tight time constraints. His skill set spans reportage, portrait, and documentary photography, along with image editing and color correction, and preparing photo materials for media and digital platforms. He is known for his professionalism, adherence to editorial standards, and ability to work both independently and as part of a shooting team.