China has unexpectedly cut rates on policy loans for the first time since April 2020 in the face of lowered economic performance owing to critical power shortages, defaults in the property market, a crackdown on major companies, and repeated COVID-19 outbreaks. The interest rate on 700 billion yuan ($110.2 billion), one-year, medium-term, lending facility (MLF)…

The domestic standing repo facility established by the Federal Reserve this year could be open to banks by early next year, a top New York Federal Reserve official said on Thursday. The U.S. central bank began accepting applications from banks earlier this month for the program, which allows financial firms to borrow cash on an…