Chine's central bank cutes key rate as economic data disappoint

The people's Bank of china has unexpectedly cut a key interest rate by the most since 2020. The central bank lowered the rate on its one-year loans _or medium - term lending facility _by 15 basis points to 2.5%.The seven day reverse repurchase rate, a short-term policy rate, was cut by 10 basic points to 1.8%. The move came shortly before the release of July economic activity data including retail sales that showed of faltering recovery. Helen Qiao, chief Greater China economist at BofA Global Research, shares her take of " Bloomberg markets Asia"