1st LD-Writethru: China to cut seven-day reverse repos rate from 1.7 pct to 1.5 pct

BEIJING, Sept. 24 (Xinhua) -- Pan Gongsheng, governor of the People's Bank of China (PBOC), said Tuesday that the central bank will reduce the interest rate of seven-day reverse repos from 1.7 percent to 1.5 percent.

The reduction was aimed at guiding the loan prime rate (LPR) and deposit rates to move downward and maintaining stability in the net interest margin of commercial banks, Pan said at a press conferen