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MARKETS LIVE BLOG:

STOCKS CLIMB AS FED'S FAVOURED INFLATION GAUGE COOLS

"Core" PCE index up 0.1% month-over-month in August, lower than Wall Street forecasts

China cuts short-term borrowing costs

Reuters
FILE PHOTO: FILE PHOTO: Headquarters of the PBOC, the central bank, is pictured in Beijing

BEIJING (Reuters) -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.

(Reporting by Ella Cao, Winni Zhou and Ryan WooEditing by Christina Fincher)