China cuts short-term borrowing costs by 20 basis points

China's central bank said late on Friday it lowered borrowing costs of the standing lending facility (SLF) by 20 basis points across all tenors.

SLF is a type of loan that the central bank offers to commercial banks to fulfill their temporary cash demand.

According to the People's Bank of China, the overnight rate was cut to 2.35%, and the seven-day and one-month rates were lowered to 2.50% and 2.85%, respectively.