BEIJING, CHINA – MARCH 06: Pan Gongsheng, governor of the People’s Bank of China, attends a new conference on economy for the third session of the 14th National People’s Congress (NPC) on March 6, 2025 in Beijing, China.
Visual China Group | Getty Images
China’s central bank and financial regulators announced sweeping plans on Wednesday to cut key interest rates in an effort to shore up growth in the face of trade worries.
China will cut interest rates by 10 basis points and lower the reserve requirement ratio by 50 basis points, the central bank governor Pan Gongsheng said at a press briefing on Wednesday.
Pan was speaking along with officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission.
The press conference took place hours after Beijing’s affirmation 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, in the latest sign that negotiations could begin between the two sides.
This is breaking news. Please refresh for updates.