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China’s central bank cuts interest rates by 0.25%

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/03/2015 (15:03)
China’s central bank, the People’s Bank of China (PBOC), cut its benchmark lending and savings rates by 25 basis points on February 28 amid ongoing efforts to stimulate the slowing economy.

The PBOC announced that it would cut the benchmark lending rate to 5.35% and the benchmark savings rate to 2.50% from 2.75%.

“The interest cut is aimed at to keep real interest rate levels suitable for fundamental trends in economic growth, prices and employment “the PBOC said in a statement. It was the second time the PBOC had cut its benchmark interest rate over the last three months.

China’s annual consumer inflation posted the lowest level in five years in January while the country’s export and import growth were also slower than expected.
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