PANews October 23 news, according to China Fund News, the Bank of Canada lowered interest rates by 50 basis points on Wednesday, reducing the benchmark rate from 4.25% to 3.75%. This is the largest reduction in borrowing costs since the onset of the pandemic in March 2020. The Bank of Canada stated that this is a sign that the country is returning to a low-inflation era. To cope with soaring prices, the Bank of Canada previously raised interest rates to the highest level in 20 years, but has cut rates four times in a row since June. The inflation rate in September fell to 1.6%, below the target of 2%.