China cuts interest rates by 0.25 percentage points

AFP, BEIJING: China’s central bank yesterday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the world’s second-largest economy as it battles a collapse in share prices.
The People’s Bank of China (PBoC) announced on its website that it was reducing lending and deposit interest rates by 0.25 percentage points each and its reserve requirement ratio (RRR) by 0.50 percentage points. The moves take effect today, it said, and follow similar tandem cuts in late June.
China’s “economic growth rate remains under pressure”, the PBoC said in a statement, adding the cuts were meant in part to “support the real economy to continue to develop healthily”.
It has now cut benchmark interest rates five times since November as authorities try to head off a too sharp deceleration in economic growth.

China cuts interest rates by 0.25 percentage points

AFP, BEIJING: Chinas central bank yesterday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the worlds second-largest economy as it battles a collapse in share prices. The Peoples Bank of China (PBoC) announced on its website that it was reducing lending and deposit interest rates by 0.25 percentage points each and its reserve requirement ratio (RRR) by 0.50 percentage points. The moves take effect today, it said, and follow similar tandem cuts in late June. Chinas economic growth rate remains under pressure, the PBoC said in a statement, adding the cuts were meant in part to support the real economy to continue to develop healthily. It has now cut benchmark interest rates five times since November as authorities try to head off a too sharp deceleration in economic growth.