SHANGHAI/SINGAPORE (June 13): China's central bank lowered a short-term lending rate for the first time in 10 months on Tuesday (June 13), in a bid to restore market confidence and prop up a stalling post-pandemic recovery in the world's second-largest economy. The cut to the lending rate signals possible easing for longer-term rates over the next week and beyond as demand and investor sentiment weaken, adding to the case for urgent policy stimulus to sustain growth. The People's Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.

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