KEY POINTS
  • The People's Bank of China said it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%.
  • The move cheered China's bond market and comes just two weeks after the PBOC cut the borrowing cost on its medium-term lending facility. 
Headquarter building of the People's Bank of China.

China's central bank unexpectedly trimmed a closely watched lending rate on Monday, the first such cut in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth.

The People's Bank of China (PBOC) said on its website that it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%.