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China’s central bank cuts interest rates by 0.25% to record low

by ChemOrbis Editorial Team -
  • 29/06/2015 (14:22)
China’s central bank, the People’s Bank of China (PBOC), cut its benchmark lending rate by 25 basis points to a record low of 4.85% in order to stimulate the country’s slowing economy. The PBOC also announced that it reduced the one-year deposit rate by 25 basis points to 2%. The central bank cut its rates for the third time this year. The new rates will be effective as of June 28.
The bank also cut reserve ratios for some lenders including city commercial and rural commercial banks by 50 basis points.

Via the latest rate cuts, the Chinese government reportedly aimed to stabilize Chinese stocks following the biggest two-week plunge in the stock market since December 1996 and a four week increase in money market rates.

In the first quarter of this year, China’s economic growth slowed to 7% on the year from 7.3% in the last quarter of 2014. For 2015, China’s government set its economic growth target at 7%, the slowest economic growth since 1990.
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