China Cuts Benchmark Lending Rate as Economy Struggles to Shake Off Virus Shock

China Cuts Benchmark Lending Rate as Economy Struggles to Shake Off Virus Shock
The headquarters of the People's Bank of China, the Chinese central bank, in Beijing, on Aug. 7, 2011. Mark Ralston/AFP/Getty Images
Reuters
Updated:

SHANGHAI/TOKYO—China cut the benchmark lending rate on Feb. 20, as widely expected, as the authorities move to lower financing costs for businesses and support an economy jolted by a severe coronavirus outbreak.

The outbreak has upended global supply chains and caused widespread disruption to businesses and factory activity in China, prompting authorities to deliver a steady stream of policy measures over recent weeks to cushion the blow to growth.