China’s central bank keeps interest rate unchanged amid Covid-19 outbreak

• The central bank kept the rate of its one-year medium-term loan unchanged at 2.85%

The central bank of China in a surprise move announced on Friday to keep the key interest rate unchanged amid a Covid-19 outbreak in the country.

The People’s Bank of China said it has to keep the rate of its one-year medium-term loan unchanged at 2.85%.

This comes as a shock to economists and analysts who expected a cut in the interest rate to support the country’s economy affected by the Covid-19 outbreak.