SHANGHAI—China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on March 30, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic.
The People’s Bank of China (PBOC) announced on its website that it was lowering the 7-day reverse repo rate to 2.20 percent from 2.40 percent, but it didn’t give a reason for the move. It was the third cut in the 7-day rate since November 2019.
