PANews reported on October 23 that according to China Fund News, the Bank of Canada cut interest rates by 50 basis points on Wednesday, lowering the benchmark rate from 4.25% to 3.75%, the largest reduction in borrowing costs since the early days of the epidemic in March 2020. The Bank of Canada said this was a sign that the country was returning to an era of low inflation. In response to soaring prices, the Bank of Canada had previously raised interest rates to a 20-year high, but has cut interest rates four times in a row since June. Inflation fell to 1.6% in September, below the target of 2%.