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China cuts interest rates for fifth time since November

by ChemOrbis Editorial Team -
  • 25/08/2015 (15:04)
According to media reports, China’s central bank cut its one-year lending rate and one-year deposit rate by 25 basis points today to 4.6% and 1.75%, respectively, effective as of August 26 following the slump in the Chinese stock market on Monday. This was the People’s Bank of China’s fifth rate cut since November 2014.

The central bank’s latest rate cut was in line with the government’s efforts to alleviate the effects of capital outflows and tighter liquidity after China devalued its currency on August 11.

Today, the bank also announced in a statement on its official website that they injected 150 billion yuan ($23.4 billion) worth of seven-day reverse-repurchase agreements into the market.
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