PBOC's Adviser: Timing of repo rate cut in consideration of domestic work resumption

The People's Bank of China unexpectedly cut the interest rate on reverse repurchase agreements by 20 basis points from 2.4% to 2.2%. 

Ma Jun, an external adviser to the People's Bank of China's (PBOC) monetary policy committee (MPC), said the central bank cut rates in consideration of the resumption of work across China. 

The economic activity had slowed down sharply in February amid the coronavirus outbreak in Wuhan.