China unexpectedly cuts reverse repo rate by most in five years to support virus-hit economy
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SHANGHAI (Reuters) - China's central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities stepped up measures to relieve pressure on an economy ravaged by coronavirus pandemic.The People's Bank of China (PBOC) said on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%.The central bank did not give a reason for the move.Ma Jun, a central bank adviser told state media that China..