China's rate cut is all about saving credit-starved SMEs

Having tried, and failed, to lower the cost of funding for SMEs through unconventional means, China's central bank had little option but to cut interest rates.

The People’s Bank of China, the country’s central bank, likes to surprise people. It did it again last Friday when it unexpectedly announced a 40-basis-point cut in its one-year lending rate to 5.6 per cent. The move both surprised and delighted the market.

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