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China lowers interest rates to fresh record low

by ChemOrbis Editorial Team -
  • 23/10/2015 (16:52)
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 fresh lows of 4.35% and 1.5%, respectively, effective as of October 24. The bank also lowered the reserve requirements for all banks by 50 basis points.

The recent rate cut is the latest attempt by the government to overcome a slowing economy and meet its 2015 growth target of 7%. Some policy makers think that there is still room for further easing due to weak inflation and a slump in producer prices.

In the third quarter, growth in China’s gross domestic product (GDP) fell below 7% for the first time since the first quarter of 2009 to rise by 6.9% in the July-September period.
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