China cuts interest rates for business loans to support economy hit by COVID-19 outbreak

China has cut interest rates for business loans to support the economy that has been hit hard by the COVID-19 outbreak. The one-year rate has been lowered to just over 4%. It's the first drop since November 2019. The five-year rate is now at 4.75%. The cuts follow the People's Bank of China's decision to reduce rates for short-term funds and one-year loans to commercial lenders. Analysts are now expecting the Chinese central bank to continue adding long-term liquidity to the banking system, and that more cuts may be rolled out to cushion the impact from the epidemic.

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